The long run equilibrium price and quantity

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Reference no: EM13837222

What does "the amount of a nation's output" mean exactly? Does it increase even if government expenditure goes up as a reaction to a disaster?

For the rest of the problem, ignore the inverse demand function stated at the beginning of the problem, and instead assume that the firm is one firm in a competitive market, where the inverse market demand function is P = 300-(Q/2,450)^2

For parts (i)-(m), assume that the market equilibrium price is P=246.

(m) If every firm in this market has the same cost function, then about how many firms are in the market?

For the last part, assume that there is free entry into the market, and every firm has the same cost function.

(n) Compute, to the nearest integer, the long run equilibrium price and quantity. In the long run equilibrium, what quantity does each firm produce? Compute, to the nearest integer, the number of firms that would have entered the market.

Reference no: EM13837222

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