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What are the long-run marginal and average cost functions

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The gasoline industry is perfectly competitive, and each producer has a total cost function TC (Q) = 7Q - 8Q 2 + 4Q 3 . The market demand is D (P) = 20 - 2P.

(a) What are the long-run marginal and average cost functions?

(b) What is the long-run equilibrium price in the market, and how much will each firm produce in equilibrium?

(c) How many firms are in the gasoline market in a long-run perfectly competitive equilibrium, and how much gasoline will be supplied by all producers in the market?

Reference no: EM132478650

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