11. Problems and Applications Q11 Suppose that each rm in a competitive industnr has the following costs: Total Cost: TE. 5+iq2 Marginal Cost: MC=g

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11. Problems and Applications Q11 Suppose that each firm in a competitive industnr has the following costs: Total Cost: TE. 5fl+iq2Marginal Cost: MC=g where q is an individual firm’s quantity produoetl. The market demand curve for this product is: Demand O’D- 15D – 14F where P is the price and Q is the total quanljty’ of the good. Each firm’s fixed east is . What is each firm’s 1irariatnle cost? II.I".|’hiI::l’| of the following represents the equaliun for each firm’s avera ge total cost? 0 s0 inO $+§g O 5fl+§g