11: For parts (1)-(3), suppose the market for hibiscus plants is perfectly competitive and the long-run cost for hibiscus plants for any firm in this market is C(q) = 70q – 20q² + 2q³ The market demand for hibiscus plants is given by the function D(p) = 30 -

11: For parts (1)-(3), suppose the market for hibiscus plants is perfectly competitive and the long-run cost for hibiscus plants for any firm in this market is C(q) = 70q – 20q² + 2q³ The market demand for hibiscus plants is given by the function D(p) = 30 -

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

What is the long-run market supply curve for hibiscus plants? Graph it.

11: For parts (1)-(3), suppose the market for hibiscus plants is perfectly competitive
and the long-run cost for hibiscus plants for any firm in this market is
C(q) = 70q – 20² + 2q³
The market demand for hibiscus plants is given by the function
1
D(p) = 30

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