Let Inverse market demand be the linear form: P = 39 – 0.009 Q; P is price and Q is output. Technology for producing Q is identical for all firms and all firms face identical input prices. Find out the equilibrium Price, quantity and the number of firms in the Long run.

Let Inverse market demand be the linear form: P = 39 – 0.009 Q; P is price and Q is output. Technology for producing Q is identical for all firms and all firms face identical input prices. Find out the equilibrium Price, quantity and the number of firms in the Long run.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter3: Market Demand And Supply

Section: Chapter Questions

Problem 9SQP

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Question

Let Inverse market demand be the linear form:
P = 39 – 0.009 Q; P is price and Q is output.
Technology for producing Q is identical for all firms and all firms face identical input prices. Find
out the equilibrium Price, quantity and the number of firms in the Long run.

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