P11.8 Supply Reactions. Anaheim Industries, Inc., and Binghampton Electronics, Ltd., are the only suppliers to the National Weather Service of an important electronic instrument. The Weather Service has established a fixed-price procurement policy, however, so P = MR in this market. Total and marginal cost relations for each firm are as follows: 2 TCA = $7,000 + $250QA + $0.5QA (Anaheim) MCA = DTCA/DQA = $250 + $1QA 2 TCB = $8,000 + $200QB + $1QB (Binghampton) MCB = DTCB/DQB = $200 + $2QB where Q is output in units, and MC > AVC for each firm. A. What is the minimum price necessary for each firm to supply output? B. Determine the supply curve for each firm. C. Based on the assumption that P = PA = PB, determine industry supply curves when P $200, $200 P $250, and P > $250.
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