The demand and total cost functions for a monopolistically competitive market are: Q(P) = 300/N – P, where N = number of firms TC(Q) = 50 + Q2 There are currently three firms in this market and they are in a short run equilibrium. c) In the long run, how many firms are in the market (round to the nearest integer)?
The demand and total cost functions for a monopolistically competitive market are: Q(P) = 300/N – P, where N = number of firms TC(Q) = 50 + Q2 There are currently three firms in this market and they are in a short run equilibrium. c) In the long run, how many firms are in the market (round to the nearest integer)?
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter10: Monopolistic Competition And Oligoply
Section: Chapter Questions
Problem 7SQ
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The demand and total cost functions for a
Q(P) = 300/N – P, where N = number of firms
TC(Q) = 50 + Q2
There are currently three firms in this market and they are in a short run equilibrium.
c) In the long run, how many firms are in the market (round to the nearest integer)?
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