Question: Hello, can you please help me with this micro question. Thank you and much appreciated! Long-run Consumer Surplus. A perfectly competitive market is in its

Hello, can you please help me with this micro question. Thank you and much appreciated!

Hello, can you please help me with this micro question. Thank you

Long-run Consumer Surplus. A perfectly competitive market is in its long-run equilibrium. There are 200 identical firms in this market that each face cost functions of: C(q) = 5q2 + 960q + 3380. The inverse market demand curve is estimated to be: P(Q) = 6420 -1Q. What is the longrun consumer surplus in this market? The long-run consumer surplus is $1. (Round your answer to the nearest whole number)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!