What is the long-run equilibrium price in this industry

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The global propylene industry is perfectly competitive, and each producer has the long-run marginal cost function MC(Q) = 40 - 12Q + Q² . The corresponding long-run average cost function is AC(Q) = 40 6Q + Q² /3. The market demand curve for propylene is D(P) = 2200 - 100P. What is the long-run equilibrium price in this industry, and at this price, how much would an individual firm produce? How many active producers are in the propylene market in a long-run competitive equilibrium?

Reference no: EM131253986

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