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    What is the equilibrium price of a widget?

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    Market Structure Problem #1: The Widget Industry:

    The Widget industry is perfectly competitive. The lowest point on the long-run average cost curve of each of the identical widget producers is $4 and this minimum point occurs at an output of 1,000 widgets per month. When the optimal scale of a firm's plant is operated to produce 1,150 widgets per month, the short-run average cost of each firm is $5. The market demand curve for widgets is:

    Qd= 140,000 -10,000P where Qd is the quantity of widgets demanded per month and P is the price of a widget.
    The market supply curve is:

    Qs= 80,000 + 5,000P, where Qs is the quantity of widgets supplied per month and P is the price of a widget.

    1) What is the equilibrium price of a widget? Is this the long-run equilibrium price, and if so, how did you know this?

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    https://brainmass.com/economics/demand-supply/what-is-the-equilibrium-price-of-a-widget-386469

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    1) What is the equilibrium price of a widget? Is this the long-run equilibrium price, and if so, how did you know this?

    The condition for ...

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