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
Chapter1: Making Economics Decisions
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b1d9ab2-f809-42a4-8bbd-08f4600ca4cf%2F840e3f8e-306f-423e-9f22-58d288593dde%2Fwblcqql_processed.png&w=3840&q=75)
Transcribed Image Text: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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