A typical firm in long-run equilibrium in an industry with identical firms has a cost function given by C(q) = 10,000+2q². What is the equilibrium price?
A typical firm in long-run equilibrium in an industry with identical firms has a cost function given by C(q) = 10,000+2q². What is the equilibrium price?
Chapter12: Firms In Perfectly Competitive Markets
Section: Chapter Questions
Problem 9P
Related questions
Question
![A typical firm in long-run equilibrium in an industry with identical firms has a cost function given by
C(q) = 10,000+ 2q²
What is the equilibrium price?
The equilibrium price is $
(Enter your response rounded to two decimal places.)
A](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf019715-463c-43e2-83f6-e22af19edc6b%2Fa9a43d08-5426-424a-9815-7044554500c8%2F1oau9jo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A typical firm in long-run equilibrium in an industry with identical firms has a cost function given by
C(q) = 10,000+ 2q²
What is the equilibrium price?
The equilibrium price is $
(Enter your response rounded to two decimal places.)
A
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Exploring Economics](https://www.bartleby.com/isbn_cover_images/9781544336329/9781544336329_smallCoverImage.jpg)
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
![Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781337617383/9781337617383_smallCoverImage.gif)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
![Microeconomics](https://www.bartleby.com/isbn_cover_images/9781337617406/9781337617406_smallCoverImage.gif)
![Exploring Economics](https://www.bartleby.com/isbn_cover_images/9781544336329/9781544336329_smallCoverImage.jpg)
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
![Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781337617383/9781337617383_smallCoverImage.gif)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
![Microeconomics](https://www.bartleby.com/isbn_cover_images/9781337617406/9781337617406_smallCoverImage.gif)