Business, 06.12.2019 01:31 joseperez1224

Anumber of stores offer film developing as a service to their customers. suppose that each store offering this service has a cost function (c) c(q) = 25 + 0.40q + 0.0625q2 and a marginal cost (mc) of mc(q) = 0.40 + 0.125q. if the going rate for developing a roll of film is $8.00: is the industry in long-run equilibrium? no. find the price associated with long-run equilibrium. the market will be in long-run equilibrium when the price is $ 2.90. suppose now a new technology is developed that will reduce the cost of film developing by 20 percent. assuming that the industry is in long-run equilibrium how much would any one store be willing to pay to purchase this new technology? assuming that the market price remains at the above long-run equilibrium level, a firm would be willing to pay $ for the new technology.

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Anumber of stores offer film developing as a service to their customers. suppose that each store off...

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