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Derive the long-run marginal cost and average cost

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Question - The long-run cost function faced by each producer in a perfectly competitive industry is given by: T(Q) = 20Q - 3Q^2  Q^3/3. The market demand curve for the product is D(P) = 1100 - 50P.

(i) Derive the long-run marginal cost (MC) and average cost (AC) curves.

(ii) What is the long-run equilibrium price in this industry? At this price, how much would an individual firm produce?

Reference no: EM131701416

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