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The long-run average cost curve for a firm in an industry is:

ATC = 10Q2 - 50Q + 100, and its marginal cost is:
MC = 30Q2 - 100Q + 100.

Market Demand is given by:

Qd = 9000 - 200Pmkt

a) In the long-run equilibrium, how much will each firm produce?
b) What is the market equilibrium price?
c) What is the equilbrium number of firms in the market?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946879

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