Question: Task 5: Now, suppose as in Task 3 demand in the long-run is given by the formula D(P) = 6,700,000, - 1,000P, where D(P) denotes

Task 5: Now, suppose as in Task 3 demand in the long-run is given by the formula D(P) = 6,700,000, - 1,000P, where D(P) denotes the quantity of copper demanded (measured in tons per month) when the market price is P (measured in dollars per ton). Suppose also that further entry into this market can only come from Type 2 mines. A potential entrant's capital charge is $20,000,000 per month. What is the long-run equilibrium price and quantity? How many Type 1 and Type 2 firms operate in the long-run

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