Assume all firms' production costs takes the form: TC(q)=400+0.25q2 and MC(q)=0.5q and demand for their product takes the form: 2-690--P 2 What is the long-run equilibrium number of firms in this market?

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Assume all firms' production costs takes the form:
TC(q)=400+0.25q2
and
MC(q)=0.5q
and demand for their product takes the form:
2-690--P
2
What is the long-run equilibrium number of firms in this market?
Transcribed Image Text:Assume all firms' production costs takes the form: TC(q)=400+0.25q2 and MC(q)=0.5q and demand for their product takes the form: 2-690--P 2 What is the long-run equilibrium number of firms in this market?
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