Subjective Questions on Consider an industry represented by two competitive firms with the total cost functions as follows w........... for Indian Economic Service Preparation

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Subjective Questions

Consider an industry represented by two competitive firms with the total cost functions as follows w...........

Economics-I Mathematical Methods in Economics
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    Consider an industry represented by two competitive firms with the total cost functions as follows :

    \small C_{1} =a_{1}q_{2}^{2} + bq_{1}q

    \small C_{2} =a_{2}q_{2}^{2} + bq_{2}q

    where  \small q_{1} + q_{2} = q  and a1 > 0, a2 > 0.

    Derive the aggregate supply function of the industry when there are (i) external economies (b < 0), and (ii) external diseconomies (b > 0).  (120 words) (8 Marks)

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