- 2 In The Long Run Equilibrium Of A Competitive Market The Market Supply And Demand Are P 30 0 50q Supply Demand P 1 (25.38 KiB) Viewed 13 times
2) In the long-run equilibrium of a competitive market, the market supply and demand are: P- 30+0.50Q Supply: Demand: P=
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2) In the long-run equilibrium of a competitive market, the market supply and demand are: P- 30+0.50Q Supply: Demand: P=
2) In the long-run equilibrium of a competitive market, the market supply and demand are: P- 30+0.50Q Supply: Demand: P=100-1.5Q, where P is dollars per unit and Q is rate of production and sales in hundreds of units per day. A typical firm in this market has a marginal cost of production expressed as: MC-3.0+15q. a. Determine the market equilibrium rate of sales and price. b. Determine the rate of sales by the typical firm. C. Determine the producer surplus that the typical firm enjoys. (Hint: Note that the marginal cost function is linear.)