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What is the long-run equilibrium price

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Consider a perfectly competitive market with an infinite number of firms. Each firm has the following long-run average cost function: AC = q2 - 4q + 6, where q is produced quantity.

a) Derive the marginal cost function of the firm.

b) Plot the MC and AC curves in a figure.

c) Derive the quantity produced by each firm in the long-run equilibrium.

d) What is the long-run equilibrium price?

Reference no: EM13339013

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