What was equilibrium price of a box. is this long run, Ask an Expert

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Q. in 2008 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 1000 boxes per month market demand curve for boxes was Qd = 140000-10000p where p was price of box and Qd was quantity of boxes demanded per month. Market supply curve for boxes was Qs = 80000+5000p where Qs was quantity supply for boxes per month. a> what was equilibrium price of a box? Is this long run equilibrium price? b> 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.:- M9307680

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