The market for smart thermostats has grown increasingly competitive. Producers of smart thermostats all rely on the same technology and face thesame costs. The cost function for a smart thermostat producer is given by the following function:c(y)=-10y+2003where y stands for the number of smart thermostats produced and sold in a month.2nd attemptSuppose the market demand for smart thermostats in any month is given byQD = 305 - p.In the long-run equilibrium, we would expect to findfirms in the industry.See Hint

As we know that in the long run equilibrium the form earns only zero profit That means normal profit…

The market for smart thermostats has grown increasingly competitive. Producers of smart thermostats all rely on the same technology and face the same costs. The cost function for a smart thermostat producer is given by the following function: c(y)--10y+200y. where y stands for the number of smart thermostats produced and sold in a month. 2nd attempt Suppose the market demand for smart thermostats in any month is given by QD = 305 - p. In the long-run equilibrium, we would expect to find firms in the industry. See Hint