The long-run cost function of one of the identical carrot-producing firms is C = 40q-q² +0.01q³. The market demand curve is Q = 5,000 - 200p. What are the long-run equilibrium price, market quantity, and number of firms?

The long-run cost function of one of the identical carrot-producing firms is C = 40q-q² +0.01q³. The market demand curve is Q = 5,000 - 200p. What are the long-run equilibrium price, market quantity, and number of firms?

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Perefect Competition

Section: Chapter Questions

Problem 5SQP

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The long-run cost function of one of the identical carrot-producing firms is
C = 40q-q² +0.01q³. The market demand curve is Q = 5,000 - 200p. What are the
long-run equilibrium price, market quantity, and number of firms?

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