Question
Suppose that the market for painting services is perfectly competitive. Painting companies are identical; their long-run cost functions are given by TC(Q)=6Q^3-30Q^2+200Q Market demand is
Suppose that the market for painting services is perfectly competitive. Painting companies are identical; their long-run cost functions are given by TC(Q)=6Q^3-30Q^2+200Q
Market demand is Q^d=8000-20P. The long-run equilibrium quantity in this industry is ____.
Group of answer choices
A. 5,000
B. 4,750
C. 2,500
D. 1,900
Step by Step Solution
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Answer B 4750 To find the longrun equilibrium quantity we need to solve ...
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Accounting concepts and applications
Authors: Albrecht Stice, Stice Swain
11th Edition
978-0538750196, 538745487, 538750197, 978-0538745482
