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July 25, 2014

Homework Help: economics

Posted by timmy on Tuesday, November 13, 2007 at 1:29pm.

perfectly competitive industry. Each firm having identical cost structures. long-run average cost is minimized at an output of 20 units. Minimum average cost is $10 per unit. total market demand is Q=1500-50P.

What is the long-run equilibrium price? Total industry output? output of each firm? number of firms? profits of each firm?

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