3. Technology for producing q gives rise to the cost function c(q) = aq+ bq². The market demand for q is p = a - Bq. (a) If a > 0, if b 0 and b 0 and b >0, what is the long run equilibrium market...

3. Technology for producing q gives rise to the cost function c(q) = aq+ bq². The market<br>demand for q is p = a - Bq.<br>(a) If a > 0, if b < 0, and if there are J firms in the industry, what is the short-run equilibrium<br>emarket price and the output of a representative firm?<br>(b) If a >0 and b< 0, what is the long-run equilibrium market price and number of firms?<br>Explain.<br>(c) If a > 0 and b >0, what is the long run equilibrium market price and number of firms?<br>Explain.<br>

Extracted text: 3. Technology for producing q gives rise to the cost function c(q) = aq+ bq². The market demand for q is p = a - Bq. (a) If a > 0, if b < 0,="" and="" if="" there="" are="" j="" firms="" in="" the="" industry,="" what="" is="" the="" short-run="" equilibrium="" emarket="" price="" and="" the="" output="" of="" a="" representative="" firm?="" (b)="" if="" a="">0 and b< 0,="" what="" is="" the="" long-run="" equilibrium="" market="" price="" and="" number="" of="" firms?="" explain.="" (c)="" if="" a=""> 0 and b >0, what is the long run equilibrium market price and number of firms? Explain.

Jun 09, 2022

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3. Technology for producing q gives rise to the cost function c(q) = aq+ bq². The market demand for q is p = a - Bq. (a) If a > 0, if b 0 and b 0 and b >0, what is the long run equilibrium market...

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