Homework Answers
Answer
C=200+Q^2
the firm charge a price equal to minimum ATC in the long-run
equilibrium because the firms earn zero economic profit in the long
run
ATC=C/Q=200/Q+Q
the minimum of the ATC function is found by differentiation
dATC/dQ=-200/Q^2 +1=0
Q^2=200
Q=14.1421356
Q=14.14
P=ATC=200/Q+Q=200/14.1421356+14.1421356=28.2842712
=28.28
the price is $28.28
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will enter the market and sunk fixed cost become avoidable fixed
cost and the market enter a new long run market equilibrium.How
many firms will exist in this new long run market equilibrium? no
units , no rounding
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