All firms in a competitive industry have the following long-run total cost curve:
C(q)= q³ - 10q² + 36q
where q is the output of the firm.
a.Compute the long run equilibrium price.What does the long-run supply curve look like if this is a constant cost industry? Explain.
b.Suppose the market demand is given by Q = 111 - p.Determine the long-run equilibrium number of firms in the industry.

Question

Quizplus · Accepted Answer

The Answer of All firms in a competitive industry have the following long-run total cost curve: C(q)= q³ - 10q² + 36q where q is the output of the firm. a.Compute the long run equilibrium price.What does the long-run supply curve look like if this is a constant cost industry? Explain. b.Suppose the market demand is given by Q = 111 - p.Determine the long-run equilibrium number of firms in the industry.

All Firms in a Competitive Industry Have the Following Long-Run