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Business, 31.10.2019 06:31 QueenBlumple6598

Suppose that the long run average and marginal cost curves for each firm in a perfectly competitive industry are lrac = 2q2 – 12q + 27 suppose further that the market demand curve is given by qd = 627 – 3p. what is the long run equilibrium price (hint: where must each firm produce in the long run equilibrium? what must be the relationship between p and lrac in the long run how many firms will end up producing in this long run equilibrium?

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