Suppose that a certain industry is competitive and there, Business Economics

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Suppose that a certain industry is competitive and there

Suppose that a certain industry is competitive and there are many firms all with the same cost function given by: LRTC=q3 - 2 q2 + 2q (MC = 3 q2 – 4 q + 2 ) The industry inverse demand curve is given by: p = 11 - .2 Q Find LR equilibrium q, Q, n, p, and ∏. Please try to explain how you got your answer.

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Business Economics: Suppose that a certain industry is competitive and there

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Business Economics: Suppose that a certain industry is competitive and there

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