Consider a competitive industry. Every firm in this industry has a total cost function C (y) = y² + 1 where y denotes the quantity of output produced. The demand curve for this industry is given by D (p) = 36 – 2p. What is the equilibrium number of firms in a long-run %3D %3D equilibrium for this industry? Your answer should be a whole integer. Write the solution as x, not x.0.

Consider a competitive industry. Every firm in this industry has a total cost function C (y) = y² + 1 where y denotes the quantity of output produced. The demand curve for this industry is given by D (p) = 36 – 2p. What is the equilibrium number of firms in a long-run %3D %3D equilibrium for this industry? Your answer should be a whole integer. Write the solution as x, not x.0.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section: Chapter Questions

Problem 4QP

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