How much will each firm produce in the long-run equilibrium

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Reference no: EM131090632

Suppose that sprockets are a perfectly competitive, constant cost industry with a large number of identical firms who have a long run total cost curve of TC(Q)=Q^3−4Q^2+10Q. The market demand curve is Q^D=250−2P.

(a) What is the long-run equilibrium price?

(b) How much will each firm produce in the long-run equilibrium?

Reference no: EM131090632

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