Question:
In a perfectly competitive market, suppose the market demand curve is given by P = 10 + W - Q, where P is the market price, W is the average wealth of the consumers in the market, and Q is the industry output. The total cost function for a representative firm is given by C(q) = q3 - 2q2 + 5q, where q is the output of a firm. If W = 80, then the total number of firms in this industry in the long-run will be ______ (in integer)
In a perfectly competitive market, suppose the market demand curve is given by P = 10 + W - Q, where P is the market price, W is the average wealth of the consumers in the market, and Q is the industry output. The total cost function for a representative firm is given by C(q) = q3 - 2q2 + 5q, where q is the output of a firm. If W = 80, then the total number of firms in this industry in the long-run will be ______ (in integer)
Updated On: Jan 7, 2025
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Correct Answer: 86
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The correct answer is 86.
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