Each firm in a competitive market has a cost function of C=10q-4q²+q²³. There are an unlimited number of potential firms in this market. The market demand function is Q=40-p: Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The long-run equilibrium price is $. (Enter your response as a whole number.) The market quantity is units. (Enter your response as a whole number.)
Each firm in a competitive market has a cost function of C=10q-4q²+q²³. There are an unlimited number of potential firms in this market. The market demand function is Q=40-p: Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The long-run equilibrium price is $. (Enter your response as a whole number.) The market quantity is units. (Enter your response as a whole number.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Each firm in a competitive market has a cost function of
C=10g -4q²+q³
There are an unlimited number of potential firms in this market. The market demand function is
Q=40-p:
Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms.
The long-run equilibrium price is $. (Enter your response as a whole number.)
The market quantity is units. (Enter your response as a whole number.)
The number of firms is. (Enter your response as a whole number.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F56b6d3fe-4c24-430f-aacd-244eae346853%2Fc8d7acfa-f2ee-4ff4-9582-fa946793ac66%2Fih8m3l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Each firm in a competitive market has a cost function of
C=10g -4q²+q³
There are an unlimited number of potential firms in this market. The market demand function is
Q=40-p:
Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms.
The long-run equilibrium price is $. (Enter your response as a whole number.)
The market quantity is units. (Enter your response as a whole number.)
The number of firms is. (Enter your response as a whole number.)
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