Question

Suppose the long run average cost is 4q-0.5q2 determine the market equilibrium price and quantity in the long run

Answer 1

Answer:

The only quantity level where MC(q)=p=ATC(q) is the minimum of the ATC curve. Demand Q* In the long run, the market price p and each individual firm's output q, must be such that: MC(q)=p=ATC(q). Suppose that a market has the following demand function: Qd(P) = 25 000 - 1 000 P.

Explanation:

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