Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hi, how do i do the this question? The market for lobsters is perfectly competitive. Total cost for a firmthat harvests q lobsters is given

hi, how do i do the this question?

The market for lobsters is perfectly competitive. Total cost for a firmthat harvests q lobsters is given by TC = 400 + q2. The market demand for lobstersis QD= 4400 - 10P. Find the number of firms in operation when the market is inlong-run equilibrium.

thanks

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

Mathematical Economics

Authors: Wade Hands, D Wade Hands

2nd Edition

0195133781, 9780195133783

More Books

Students also viewed these Economics questions

Question

Th ey told me Id have to write a lett er. Whos got time for that?

Answered: 1 week ago