The global propylene industry is perfectly competitive and, Business Economics

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The global propylene industry is perfectly competitive and

The global Propylene industry is perfectly competitive and each producer has the marginal cost function MC = 40-12q+q² . The corresponding average cost function is AC=40-6q+1/3q². The market demand curve for propylene is Q=2200-100P.

1. What is the long-run equilibrium price in this industry?

2. At this price, how much would an individual firm produce? Explain

3. How many active producers are in the propylene market in a long-run competitive equilibrium? Explain

4. How much profit an individual producer is making? Explain.

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