Find long-run equilibrium price for constant-cost industry, Microeconomics

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Find long-run equilibrium price for constant-cost industry

Consider the market for frozen concentrated orange juice, which is a constant-cost industry. The long-run total costs of production are T C(Q) = Q^3 - 2Q^2 + 4Q. The demand is given by Q = 80 - 3P

(a) What is the long-run equilibrium price?

(b) How many ?rms will enter the market?

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Microeconomics: Find long-run equilibrium price for constant-cost industry

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Microeconomics: Find long-run equilibrium price for constant-cost industry

Reference No:- TGS0516589

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

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Reference No:- TGS0516589

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