Lasguns are produced by identical firms in a perfectly competitive market. Each firm's Total Cost function is TC=404+q^2 and Marginal Cost function is MC=2q. Market demand is Q=621-P. How many firms are in the market in the long-run?

Lasguns are produced by identical firms in a perfectly competitive market. Each firm's Total Cost function is TC=404+q^2 and Marginal Cost function is MC=2q. Market demand is Q=621-P. How many firms are in the market in the long-run?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Lasguns are produced by identical firms in a perfectly competitive market.
Each firm's Total Cost function is TC=404+q^2 and Marginal Cost function
is MC=2q. Market demand is Q=621-P.

How many firms are in the market in the long-run?

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