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In: Economics

Consider a representative firm in the perfectly competitive market. This firm has the following total long-run...

Consider a representative firm in the perfectly competitive market.

This firm has the following total long-run cost function (C):

C = 2q^2 + 8

where q is the output quantity produced by the firm. Suppose further that the

market demand is given as: QD = 130-P where QD is the quantity demanded in the market and P is the output price. Find the long-run market equilibrium price and the number of firms in the market.

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Expert Solution

Rahul Sunny answered 2 years ago
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