Question
The demand schedule in a perfectly competitive market is givenby P = 93 1.5Q (for Q ? 62) and the long-run cost structure ofeach
The demand schedule in a perfectly competitive market is givenby P = 93 – 1.5Q (for Q ? 62) and the long-run cost structure ofeach company is:
| Total cost: | 256 + 2Q+ 4Q2 |
| Average cost: | 256/Q + 2+ 4Q |
| Marginal cost: | 2 +8Q |
Q. New companies will enter the market at anyprice greater than:
8
61
88
Please clarify the calculation
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Economics of Money, Banking and Financial Markets
Authors: Frederic S. Mishkin
9th Edition
978-0321607751, 9780321599797, 321607759, 0321599799, 978-0321598905
