Question
A typical firm in long-run equilibrium in an industry with identical firms has a cost function given by C(q)=400+2q^2. What is the equilibrium price? The
A typical firm in long-run equilibrium in an industry with identical firms has a cost function given by C(q)=400+2q^2.
What is the equilibrium price?
The equilibrium price is $___(Enter your response rounded to two decimal places.)
Step by Step Solution
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Step: 1
The cost function is Cq 400 2q 2 Marginal cost ddq400 2q 2 4q ...
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Step: 2
Step: 3
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Intermediate Microeconomics
Authors: Hal R. Varian
9th edition
978-0393123975, 393123979, 393123960, 978-0393919677, 393919676, 978-0393123968
