Lasguns are produced by identical firms in a perfectly competitive market. Each firm's Total Cost function is TC = 437+16q+q^2 and Marginal Cost function is MC = 16+2q. Market demand is P = 260-2Q. What is the long-run equilibrium market price?

Lasguns are produced by identical firms in a perfectly competitive market. Each firm's Total Cost function is TC = 437+16q+q^2 and Marginal Cost function is MC = 16+2q. Market demand is P = 260-2Q. What is the long-run equilibrium market price?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Lasguns are produced by identical firms in a perfectly competitive market. Each firm's Total Cost function is TC = 437+16q+q^2 and Marginal Cost function is MC = 16+2q. Market demand is P = 260-2Q.

What is the long-run equilibrium market price?

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