A perfectly competitive market is initially in a long run equilibrium, with n identical firms (n can take non-integer values). The demand curve and the short-run supply curve are given as follows. Demand: Q=1700-4P thousand units Supply: Q=80P-400 thousand units

A perfectly competitive market is initially in a long run equilibrium, with n identical firms (n can take non-integer values). The demand curve and the short-run supply curve are given as follows. Demand: Q=1700-4P thousand units Supply: Q=80P-400 thousand units

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter9: Perfect Competition

Section9.3: Perfect Competition In The Long Run

Problem 3ST

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Question

The average cost at this quantity is [ Answer53 ] dollars per unit.

A perfectly competitive market is initially in a long run equilibrium, with n identical firms (n can take
non-integer values). The demand curve and the short-run supply curve are given as follows.
Demand: Q = 1700-4P
80P-400
Supply: Q
thousand units
thousand units

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