Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. [3 points] the market for corn is perfectly competitive. Each farmer is considered to be the same and have the following Marginal cost :

image text in transcribed
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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Economics Theory and Policy

Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz

9th Edition

978-0132146654, 0132146657, 9780273754091, 978-0273754206

More Books

Students also viewed these Economics questions

Question

=+ b. How would the change you describe in part

Answered: 1 week ago

Question

=+ 6. A Case Study in this chapter concludes that if

Answered: 1 week ago