1. Emad is a lettuce supplier in a perfectly competitive lettuce market in Kuwait. If the demand for lettuce in Kuwait i given by: Qo = 40,000 – 10, 000P, Where Q is the quantity of lettuce boxes and Pis the price of a lettuce box. In the short-run, Emad's has the following total cost function for his production of lettuce: TCmad = 0.250 + Q +3 Assume that Emad is one of 1000 sellers in the Kuwaiti lettuce market with identical costs. Answer the following questions: e. wnat is tne market suppry tunction in the short-run? 1. What is the short-run equilibrium price and equilibrium quantity in this market? Draw a rough sketch of the market demand and supply functions, showing the optimal point and all intersections with the horizontal and vertical axes.

1. Emad is a lettuce supplier in a perfectly competitive lettuce market in Kuwait. If the demand for lettuce in Kuwait i given by: Qo = 40,000 – 10, 000P, Where Q is the quantity of lettuce boxes and Pis the price of a lettuce box. In the short-run, Emad's has the following total cost function for his production of lettuce: TCmad = 0.250 + Q +3 Assume that Emad is one of 1000 sellers in the Kuwaiti lettuce market with identical costs. Answer the following questions: e. wnat is tne market suppry tunction in the short-run? 1. What is the short-run equilibrium price and equilibrium quantity in this market? Draw a rough sketch of the market demand and supply functions, showing the optimal point and all intersections with the horizontal and vertical axes.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 9P

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