Illustrate what is equilibrium price of box. is this, Ask an Expert

Economics

Q. In 2001, box industry was perfectly competitive. lowest point on long-run average cost curve of each of identical box producers was $4 and this minimum point occurred at an output of 1,000 boxes per month.

Market demand curve for boxes was

QD = 14000-10,000P

Where P is price of a box (in dollars per box) and QD is quantity of boxes demanded per month. Market supply curve for boxes was

Qs = 80,000+5000P

Where Qs is quantity of boxes supplied per month.

A. Illustrate what is equilibrium price of box? Is this long-run equilibrium price?

B. Explain how many firms are in this industry when it is in long-run equilibrium?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9306596

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