Kiwi, Inc. dominates the wholesale chicken market in New Zealand. If Kiwi's demand is given by: P = 6 - 2Q, where Q denotes output (in millions of pounds) andits profit maximizing output and priceare Q = 1 million pounds andP = $4 per pound. (presuming it faces no other competitors).

(Note: for all answers only enter numerical values without a dollar sign "$" or commas ",")

Question 58

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Marked out of 3.00

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Determine Kiwi's long run marginal cost (LMC).

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Question 59

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Marked out of 4.00

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IfKiwi's LMC = LAC, find the long-run output under perfect competition.

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Question 60

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Marked out of 2.00

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IfKiwi's LMC = LAC, find the long-runprice under perfect competition.

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