The Canadian canola industry is perfectly competitive with identical farms exhibiting the long-run cost function Cial = 8a - 4g +q. The market demand curve for canola is given as QP(P) = 64 - P. The long-run equilibrium price and the quantity of canola are given as Select one: A. (8,56). B. (4,56). C. (8,52). D. (4,60). E. (2,64).

The Canadian canola industry is perfectly competitive with identical farms exhibiting the long-run cost function Cial = 8a - 4g +q. The market demand curve for canola is given as QP(P) = 64 - P. The long-run equilibrium price and the quantity of canola are given as Select one: A. (8,56). B. (4,56). C. (8,52). D. (4,60). E. (2,64).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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