3. A perfectly competitive, profit maximizing firm earns zero economic profit in the long run. The firm's total cost is: TC a+ bQ?. Use only the cost curve given. Determine mathematically the level of output the firm will produce in the long run. b. Show mathematically if this amount differs from the amount of output the firm would produce in the short run. a.

3. A perfectly competitive, profit maximizing firm earns zero economic profit in the long run. The firm's total cost is: TC a+ bQ?. Use only the cost curve given. Determine mathematically the level of output the firm will produce in the long run. b. Show mathematically if this amount differs from the amount of output the firm would produce in the short run. a.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

Problem 5SQP

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