ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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The long-run cost function of one of the identical carrot-producing firms is C(g) = 45g - q? + 0.01q°. The market demand curve is Q= 7,500 – 210p. Now, the
government starts collecting a specific tax, t, on the carrot market.
a. What are the long-run equilibrium price, market quantity, and number of firms as functions of t?
b. How does the equilibrium market quantity change as t changes?
a. The long-run equilibrium price as a function of t is p(t) = |. (Enter numerical values as whole numbers.)
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Transcribed Image Text:The long-run cost function of one of the identical carrot-producing firms is C(g) = 45g - q? + 0.01q°. The market demand curve is Q= 7,500 – 210p. Now, the government starts collecting a specific tax, t, on the carrot market. a. What are the long-run equilibrium price, market quantity, and number of firms as functions of t? b. How does the equilibrium market quantity change as t changes? a. The long-run equilibrium price as a function of t is p(t) = |. (Enter numerical values as whole numbers.)
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