Saturday

April 19, 2014

April 19, 2014

Posted by **john** on Sunday, November 13, 2011 at 6:03am.

a) using your results, find the long-run equilibrium price in the market. this price is given by p = ?, and output per firm is Q = ?.

b) suppose that the (inverted) market demand curve for the product is given by Q = 50000 - 10000P. what total quantity is demanded at the long-run equilibrium price?

c) from (b), you know how much total output must be delivered by all firms operating int he long-run equilibrium. using this number along with the results from part (a), compute the number of firms in the industry in the long-run equilibrium. this number is ?.

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