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70. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q2 /3, and marginal cost by MC = (2/3)Q. What is the long-run equilibrium price in this industry? A. $30 B. $20 C. $15 D. $25

70. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q2 /3, and marginal cost by MC = (2/3)Q. What is the long-run equilibrium price in this industry? A. $30 B. $20 C. $15 D. $25

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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70. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q2 /3, and marginal cost by MC = (2/3)Q.

What is the long-run equilibrium price in this industry?

A. $30
B. $20
C. $15
D. $25
In a perfectly competitive market, industry demand is given by the equation \( Q = 1000 - 20P \). The typical firm's average cost is represented by \( TC = 300 + \frac{Q^2}{3} \), and the marginal cost is given by \( MC = \frac{2}{3}Q \). **Question:** What is the long-run equilibrium price in this industry? **Options:** - $30 - $20 - $15 - $25
Transcribed Image Text:In a perfectly competitive market, industry demand is given by the equation \( Q = 1000 - 20P \). The typical firm's average cost is represented by \( TC = 300 + \frac{Q^2}{3} \), and the marginal cost is given by \( MC = \frac{2}{3}Q \). **Question:** What is the long-run equilibrium price in this industry? **Options:** - $30 - $20 - $15 - $25
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