Sub: Economics Topic: Micro Economics
Given the MC or supply curves fro 5 perfect competitivefirms, sketch the market supply curve, determine theequilibrium price & quantity, consumer surplus atequilibrium & impact of tax on consumer surplus.
There are 5 firms in this perfectly competitive industry for a good that canonly be purchased in units of 1 (e.g.,1,2,3 etc.). The firms have the followingmarginal cost, or short-run supply,curves.
1. For firm 1,P1= 1+(1/2)Q1
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