not use ai please A market has inverse demand equationP=1350Q.isAll firms have the same cost function. The equation of the cost functionC (g) = 72+6g+²(a) Find and graph the average cost equation and the marginal cost equa-tion.What amount of output minimizes a firm's average cost? What is theminimum value of average cost for a firm?If this market is perfectly competitive, what is the long-run equilibriumprice and the long-run equilibrium number of firms?What is the amount of consumers' surplus in long-run competitive equi-librium?(b) Find the short-run equilibrium price, output per firm, and profit perfirm if 75 firms supply the market.

Part (a)1. Find and graph the average cost equation and the marginal cost equation.Given the cost…

Answered: A market has inverse demand equation…

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.9P

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