Each firm in a competitive market has a cost function of C= 10q – 49° + g°. There are an unlimited number of potential firms in this market. The market demand function is Q= 34 - p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The long-run equilibrium price is $ (Enter your response as a whole number.)

Each firm in a competitive market has a cost function of C= 10q – 49° + g°. There are an unlimited number of potential firms in this market. The market demand function is Q= 34 - p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The long-run equilibrium price is $ (Enter your response as a whole number.)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.9P

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