Consider a monopolistically competitive market in which each firm in the market has a cost function given as C(q) = 1q + 29 + 1058. In the short-run, the residual demand curve for each firm is P(g) = 554 - 1q and each firm produces 138 units. In the long-run, the residual demand curve for each firm is P(g) = X - 1q and each firm produces 23 units. What is the value of X? O A. 97 OB. 96 XC. 90 *D. 94
Consider a monopolistically competitive market in which each firm in the market has a cost function given as C(q) = 1q + 29 + 1058. In the short-run, the residual demand curve for each firm is P(g) = 554 - 1q and each firm produces 138 units. In the long-run, the residual demand curve for each firm is P(g) = X - 1q and each firm produces 23 units. What is the value of X? O A. 97 OB. 96 XC. 90 *D. 94
Chapter1: Making Economics Decisions
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![! Consider a monopolistically competitive market in which each firm in the market has a cost function given as C(q) = 1q + 2q + 1058. In the short-run, the residual
demand curve for each firm is P(g) = 554 - 1g and each firm produces 138 units. In the long-run, the residual demand curve for each firm is P(g) = X - 1g and each firm produces 23
units. What is the value of X?
O A. 97
O B. 96
XC. 90
*D. 94](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbc463972-dcc6-446b-8776-9ede438ac0ed%2F66e4317b-5bd0-4f0e-94f8-7ae7d546b191%2Ffhu0uw8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:! Consider a monopolistically competitive market in which each firm in the market has a cost function given as C(q) = 1q + 2q + 1058. In the short-run, the residual
demand curve for each firm is P(g) = 554 - 1g and each firm produces 138 units. In the long-run, the residual demand curve for each firm is P(g) = X - 1g and each firm produces 23
units. What is the value of X?
O A. 97
O B. 96
XC. 90
*D. 94
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