Question
The canola oil industry is perfectly competitive. Every producer has the following long-run total cost function: LTC = 4 Q 3 - 16 Q 2
The canola oil industry is perfectly competitive. Every producer has the following long-run total cost function: LTC = 4Q3 - 16Q2 + 30Q, where Q is measured in tons of canola oil.
a-How many units of canola oil will each firm produce in the long run?
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Bank Management
Authors: Timothy W Koch, Steven Scott MacDonald, S Scott MacDonald
6th Edition
0324289278, 9780324289275
