Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hey can someone help me there please :) 5. Suppose in a perfectly competitive industry, the typical rm has a long run total cost curve

Hey can someone help me there please :)

image text in transcribed
5. Suppose in a perfectly competitive industry, the typical rm has a long run total cost curve expressed by: TC = q3 18q2 + 128q, where q is the rm's output. P Firm Industry a) What output will a rm produce in the long run? b) What is the rm's long run per unit cost? c) Is the rm operating at optimal size? What is it? Why

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

Environmental Markets A Property Rights Approach

Authors: Terry L Anderson, Gary D Libecap

1st Edition

0521279658, 9780521279659

More Books

Students also viewed these Economics questions