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4. [3 points] the market for corn is perfectly competitive. Each farmer is considered to be the same and have the following Marginal cost :
4. [3 points] the market for corn is perfectly competitive. Each farmer is considered to be the same and have the following Marginal cost : MC(q) = 10+3Q. They also have the long run cost: AC(q)=10+1.SQ+150q . The market demand is : D(P)=25002P. a. What is the long term equilibrium in this industry? (price and rm quantity) b. How many rm are there in the long run
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