2 The Calculus of Long-Run Competitive Equilibria -End of Chapter ProblemSuppose that the identical firms in a perfectly competitive market for cakes have long-run total cost functions given byTC(Q) 100³-6002 + 1000. Total cost is independent of the number of firms and total output in the market.b. Suppose market demand is Qº= 1,000-40P. Solve for output per firm (Q), the long-run competitive equilibrium price (P).the market demand (Q), and number of firms in the market (N).322P=Incorrect40firmsIncorrect120IncorrectN=

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b. Suppose market demand is Qº= 1,000-40P. Solve for output per firm (Q), the long-run competitive equilibrium price (P). the market demand (Q), and number of firms in the market (N). 22 Q = 3 Pa Incorrect firms 00 11 120 N= 40 Incorrect

b. Suppose market demand is Qº= 1,000-40P. Solve for output per firm (Q), the long-run competitive equilibrium price (P). the market demand (Q), and number of firms in the market (N). 22 Q = 3 Pa Incorrect firms 00 11 120 N= 40 Incorrect

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The Calculus of Long-Run Competitive Equilibria -End of Chapter Problem
Suppose that the identical firms in a perfectly competitive market for cakes have long-run total cost functions given by
TC(Q) 100³-6002 + 1000. Total cost is independent of the number of firms and total output in the market.
b. Suppose market demand is Qº= 1,000-40P. Solve for output per firm (Q), the long-run competitive equilibrium price (P).
the market demand (Q), and number of firms in the market (N).
3
22
P=
Incorrect
40
firms
Incorrect
120
Incorrect
N=

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