Suppose the market for gelato is perfectly competitive and, Ask an Expert

Economics

Suppose the market for gelato is perfectly competitive, and that gelato is a constant cost industry. The long-run cost function for producing gelato is TC(Q) = Q^3 ? 2Q^2 + 5Q. The demand for gelato is Q = 300 - 2p

Part 1 - What is the long-run equilibrium price of gelato?

Part 2 - How many firms will operate in the long-run competitive equilibrium?

Part 3 - How many units will each firm produce in the long-run competitive equilibrium?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91240298

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