The Long-Run Cost Function Faced by Each Producer in a Perfectly

question 44

Essay

The long-run cost function faced by each producer in a perfectly competitive industry is given by: MC(Q)= 20 - 6Q + Q².The corresponding long-run average cost function is AC(Q)= 20 - 3Q + Q²/3.The market demand curve for the product is D(P)= 1100 - 50P.
a)What is the long-run equilibrium price in this industry? At this price,how much would an individual firm produce?

---

Definitions:

Authority

The power or right to give orders, make decisions, and enforce obedience, often within a specific domain or field.

Accountability

The obligation to explain, justify, and take responsibility for one's actions.

Chest Pain

A symptom that can be caused by a variety of conditions ranging from heart problems to gastrointestinal issues, often requiring immediate medical attention.

Sublingual Nitroglycerin

A medication administered under the tongue for rapid relief from angina (chest pain) by dilating blood vessels.