A perfectly competitive industry is in long-run equilibrium. Each of the identical firms has a long- run cost function C = 100 + q². As a result, a firm's marginal cost function is MC = 2q. In the...


A perfectly competitive industry is in long-run equilibrium. Each of the identical firms has a long- run<br>cost function C = 100 + q². As a result, a firm's marginal cost function is MC = 2q. In the long-run<br>competitive equilibrium,<br>(a) How much does the firm produce?<br>(b) What is the equilibrium price?<br>(c) If the market quantity demanded at the equilibrium price is Q = 2500, how many firms are in the<br>market?<br>

Extracted text: A perfectly competitive industry is in long-run equilibrium. Each of the identical firms has a long- run cost function C = 100 + q². As a result, a firm's marginal cost function is MC = 2q. In the long-run competitive equilibrium, (a) How much does the firm produce? (b) What is the equilibrium price? (c) If the market quantity demanded at the equilibrium price is Q = 2500, how many firms are in the market?

Jun 10, 2022
SOLUTION.PDF
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here
Have files?