Find the long-run equilibrium price in the market

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Assume a perfectly competitive industry. Each firm in the industry faces a long-run total cost such that LTC=14000q−80q2+q3 and LMC=14000−160q+3q2. (a) Find the long-run quantity produced by each firm. (b) Find the long-run equilibrium price in the market. (c) At what levels of output will the firm face economies of scale? Diseconomies of scale? (d) Find the number of firms in the long-run if market demand can be summarized as: QD = 16500 − (P/4).

Reference no: EM131097372

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