Now consider any perfectly competitive market and suppose there are 'n' firms in the market in the long-run initially, but then the product becomes super-trendy and demand doubles. How many (new) firms enter the market? Whydon’t you need to know the cost and demand curves? 11: For parts (1)-(3), suppose the market for hibiscus plants is perfectly competitiveand the long-run cost for hibiscus plants for any firm in this market isC(q) = 70q – 20q² + 2q³The market demand for hibiscus plants is given by the function1D(p) = 30

If the perfectly competitive market is in the long-run equilibrium, where all firms will earn zero…

Answered: 11: For parts (1)-(3), suppose the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Now consider any perfectly competitive market and suppose there are 'n' firms in the market in the long-run initially, but then the product becomes super-trendy and demand doubles. How many (new) firms enter the market? Whydon’t you need to know the cost and demand curves?

11: For parts (1)-(3), suppose the market for hibiscus plants is perfectly competitive
and the long-run cost for hibiscus plants for any firm in this market is
C(q) = 70q – 20q² + 2q³
The market demand for hibiscus plants is given by the function
1
D(p) = 30

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