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posted by  CK<3 on 11/2/2009 6:05:43 PM  |  status: Closed  |  Earned Karma: 37

Perfectly Competitive Supply

Course Textbook Chapter Problem Needs by
Economics N/A N/A N/A 11/3/2009 at 7:00:00 PM
Question Details:
 
After looking through the chapter numerous times I cannot figure out how to graph this proble.
The supply curve for the only two firms in a competitive industry are given by P = 2Q1 and P = 2 + Q2, where Q1 is the output of firm 1 and Q2 is the output of firm 2. What is the market supply curve for this industry? (Hint: Graph the two curves side by side, then add their respective quantities at a sample of different prices.)
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posted by glengainer on 11/3/2009 10:25:13 AM  |  status: Live
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Response Details:
At a given price each supplier will produce a certain output
so if both suppliers output you get the market supply curve or the total output at any price point

P = 2Q1 and P = 2 + Q2
2Q1 + 2 + Q2 = P < Market supply curve

It should  look some thing like this

but a lot more accurate 
Hope my answer is a lifesaver :) Feel free to PM me if you need more help
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