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 | 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 | 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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