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The cheese business in Taranaki

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Question

The cheese business in Taranaki is a competitive industry. All cheese manufacturers have the cost function C = Q2 + 9, while demand for cheese in the region is given by Qd = 120 ? P.;What is the long-run equilibrium price in this industry?;What is the long-run equilibrium quantity in this industry?;What is the long-run equilibrium number of firms in this industry?

 

Paper#26929 | Written in 18-Jul-2015

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