In a market that produces hotdogs operates in the long-run, and that each firm and potential entrant has a LRAC AC = 10Q²-5Q+ 20 and a LRMC MC = 30Q³ - 10Q +20, where Q is thousands of units per year. The demand for hotdogs is given as D(P) = 39,000 -2,000P. (a) Solve for the market clearing condition.

In a market that produces hotdogs operates in the long-run, and that each firm and potential entrant has a LRAC AC = 10Q²-5Q+ 20 and a LRMC MC = 30Q³ - 10Q +20, where Q is thousands of units per year. The demand for hotdogs is given as D(P) = 39,000 -2,000P. (a) Solve for the market clearing condition.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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