Question: Please help answer Suppose that the long-run total cost function for a typical producer is given by LRTC - 200g - 34'+ 0.0Zq' where q
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Suppose that the long-run total cost function for a typical producer is given by LRTC - 200g - 34'+ 0.0Zq' where q is the output of the typical firm. Suppose that the market demand is given by ( = 10000 - 20P, where Q is the total quantity demanded and P is the market price. Assuming that the industry exhibits constant costs and that all firms are identical, what is the long-run equilibrium output (q)) of a typical producer, long-rim equilibrium price (pla) and number of firms operating (n) at the long-run equilibrium, respectively? O LR = 50. PLR = 75, n 85 O gLR = 100, PLR = 75, n 85 O ql.R = 50, PLR = 40, n-92 O qLR = 100, PL# = 40, n-92
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