Each firm in a competitive market has a cost function of (C=q^{2}), so its marginal cost function
Question:
Each firm in a competitive market has a cost function of \(C=q^{2}\), so its marginal cost function is \(M C=2 q\). The market demand function is \(Q=24-p\). Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
In a competitive market the longrun equilibrium is determined where the market supply equals the mar...View the full answer
Answered By
Daniel Kimutai
I am a competent academic expert who delivers excellent writing content from various subjects that pertain to academics. It includes Electronics engineering, History, Economics, Government, Management, IT, Religion, English, Psychology, Sociology, among others. By using Grammarly and Turnitin tools, I make sure that the writing content is original and delivered in time. For seven years, I have worked as a freelance writer, and many scholars have achieved their career dreams through my assistance.
1+ Reviews
10+ Question Solved
Related Book For 
Question Posted:
