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Why the lr equilibrium is reflected by graph

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Reference no: EM133077655

The long run cost function for a firm in a perfectly competitive industry is C^LR=q^3-150q^2+7800 a. Find the level of output which minimizes long run average cost. What does long run average cost equal at this level of output? b. Draw a diagram for the firm showing it in long-run equilibrium. Show LAC, LMC, Demand, and MR curves facing the firm. Clearly indicate the long run equilibrium price and quantity on your diagram. Discuss the relationship between LMC and LAC and explain why the LR equilibrium is reflected by this graph.

Reference no: EM133077655

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