Use the following information to answer Questions 3 thru 5.3. Suppose the kitchen knives industry is now operating in the long-run. What is the profit-maximizing level of output for firms in the long-run? Your answer shouldinclude only numbers.Submit responsePLEASE NOTE - For Questions 3 thru 5, you need the following LCTC function: LRTC = 2q° – 8q² + 75q4. How much will each kitchen knife be sold for when the market arrives at the long-run equilibrium? Do not include the $-sign or comma (,) in your answer. Round tothe nearest cent only if necessarySubmit response5. How many firms will be producing kitchen knives when the market arrives at the long-run equilibrium?A.More than 930 firms.B.Fewer than 930 firmsC.Exactly 930 firms.

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Use the following information to answer Questions 3 thru 5. 3. Suppose the kitchen knives industry is now operating in the long-run. What is the profit-maximizing level of output for firms in the long-run? Your answer should include only numbers. Submit response PLEASE NOTE - For Questions 3 thru 5, you need the following LCTC function: LRTC = 2q° – 8q² + 75q

Use the following information to answer Questions 3 thru 5. 3. Suppose the kitchen knives industry is now operating in the long-run. What is the profit-maximizing level of output for firms in the long-run? Your answer should include only numbers. Submit response PLEASE NOTE - For Questions 3 thru 5, you need the following LCTC function: LRTC = 2q° – 8q² + 75q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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