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Consider a perfectly competitive market where each firm’s total cost function is TC q^3 10q^2 50q What is the long run equilibrium price and quantity for each firm The industry

Consider a perfectly competitive market where each firm’s total cost function is TC = q^3 – 10q^2 + 50q. a) What is the long run equilibrium price and quantity for each firm? b) The industry demand function is Qd=2000-10p. How many firms are there in the industry in the long run? c) The demand has changed to Qd=4000-18p. Describe the industry’s response to the demand shock and calculate the change in the number of firms in the long run equilibrium.

May 26 2020 View more View Less

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