studentu
Badges: 3
Rep:
?
#1
Report Thread starter 1 month ago
#1
In 2012, the box industry was perfectly competitive. The lowest point on the long-run average cost curve of each of the identical box producers was $4, and this minimum point occurred at an output of 1,000 boxes per month. The market demand curve for boxes was 2 marks

Q_D=140,000-10,000P

where P was the price of a box (in dollars per box) and QD was the quantity of boxes demanded per month. The market supply curve for boxes was

Q_S=80,000+5,000P

Where QS was the quantity of boxes supplied per month.
What was the equilibrium price of a box? Is this the long-run equilibrium price?
How many firms are in this industry when it is in long-run equilibrium?
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Which of these would you use to help with making uni decisions?

Webinars (62)
12.7%
Virtual campus tours/open days (114)
23.36%
Live streaming events (44)
9.02%
Online AMAs/guest lectures (47)
9.63%
A uni comparison tool (111)
22.75%
An in-person event when available (110)
22.54%

Watched Threads

View All