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The overall market for wheat is perfectly competitive. The market demand curve is given by Qd = 1400 - 50p All farmers in the market

The overall market for wheat is perfectly competitive. The market demand curve is given by

Qd = 1400 - 50p

All farmers in the market are identical and each have a cost function of

C(q) = 0.5q^2 + 10q + 18 with

MC = q + 10

AVC = 0.5q + 10

ATC = 0.5q + 10 + 18/q

Calculate the long run equilibrium price in this market.

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