Suppose that the long-run total cost function for a typical producer is given by LRT C = 2004- 3q2 + 0.02q where q is the output of the typical firm. Suppose that the market demand is given by Q = 10000 – 20P, where Q is the total quantity demanded and P is the market price. Assuming that the industry exhibits constant costs and that all firms are identical, what is the long-rum equilibrium output (qR) of a typical producer, long-run equilibrium price (pLR) and number of firms operating (n) at the long-run equilibrium, respectively?

Suppose that the long-run total cost function for a typical producer is given by LRT C = 2004- 3q2 + 0.02q where q is the output of the typical firm. Suppose that the market demand is given by Q = 10000 – 20P, where Q is the total quantity demanded and P is the market price. Assuming that the industry exhibits constant costs and that all firms are identical, what is the long-rum equilibrium output (qR) of a typical producer, long-run equilibrium price (pLR) and number of firms operating (n) at the long-run equilibrium, respectively?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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