Question
A competitive industry faces the following long run demand function X=2000-50P where P is the price and x is the total output of the industry.
A competitive industry faces the following long run demand function X=2000-50P where P is the price and x is the total output of the industry. Each firm has the identical LRTC=5Q^(3)-20Q^(2)+40Q where Q is the individual firm's output.
Assume that the industry is in long run competitive equilibrium
(A) determine the output of each firm in LRCE
(B) determine the competitive price
(C) Determine the total industry output
(D) Determine the number of firms in the industry
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Using R For Econometrics
Authors: Florian Heiss
1st Edition
1523285133, 9781523285136
