Consider a perfectly competitive market consider a

Reference no: EM13570391

Consider a perfectly competitive market with an infinite number of firms. Each firm has the following long-run average cost function: AC = q^2 - 4q + 6, where q is produced quantity. a) Derive the marginal cost function of the firm. b) Plot the MC and AC curves in a figure. c) Derive the quantity produced by each firm in the long-run equilibrium. d) What is the long-run equilibrium price?

Reference no: EM13570391

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