Price be in long run equilibrium long run equilibrium

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Suppose you are given the following information about a particular industry: QD = 6500−100P is Market demand QS =1200P is Market supply C(q) = 722+(q2)/200 is the Firm's total cost function. Suppose the long run total cost function is given by C(Q)=6q-3q^2+q^3. What will the price be in long run equilibrium long run equilibrium in this industry? Is profit positive, negative, or zero? Explain. (note I think the wording of some the problem is an error)

Reference no: EM131108609

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Price be in long run equilibrium long run equilibrium : Suppose you are given the following information about a particular industry: QD = 6500−100P is Market demand QS =1200P is Market supply C(q) = 722+(q2)/200 is the Firm's total cost function. Suppose the long run total cost function is given by C(Q)=6..

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