A perfectly competitive market is initially in a long run equilibrium, with n identical firms (n can take non-integer values). The demand curve and the short-run supply curve are given as follows. Demand: Q=1700-4P thousand units Supply: Q=80P-400 thousand units

A perfectly competitive market is initially in a long run equilibrium, with n identical firms (n can take non-integer values). The demand curve and the short-run supply curve are given as follows. Demand: Q=1700-4P thousand units Supply: Q=80P-400 thousand units

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

The average cost at this quantity is [ Answer53 ] dollars per unit.

A perfectly competitive market is initially in a long run equilibrium, with n identical firms (n can take
non-integer values). The demand curve and the short-run supply curve are given as follows.
Demand: Q = 1700-4P
80P-400
Supply: Q
thousand units
thousand units

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