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Suppose that a representative firm in a perfectly competitive market has the following Total Cost Function: C(Q) = Q3- 20 Q2+150 Q. Note: being a representative firm means that all firms have the same cost structure.
a. What quantity amount will an individual firm produce in the long run?
b. What is the long-run equilibrium price for this industry?
c. Confirm that this is a long-run equilibrium by ensuring that long-run profits = 0. Be sure to show all of your work.
d. How many firms will operate in this long-run equilibrium if market demand is given by the demand function Q = 1000 - 3P?
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