Answer to Question #131169 in Finance for Satyam

Question #131169
Question 7. Now, consider another scenario where technology advancement changes the cost functions of each representative firm. The market demand is still the original one (before the increase in the number of students). The new cost functions are: TC = qs^2+5qs + 36 MC = 2qs + 5 What will be the new equilibrium price?
a. 17
b. 4
c. 2
d. 6
Question 8. What is the long-run equilibrium price in this market?
a. 12
b. 14
c. 25
d. None of the above
Question 9. What is the long-run output of each representative firm in this industry?
a. 5
b. 3
c. 6
d. 7
Question 10. When this industry is in long-run equilibrium, how many firms are in the industry?
a. 3
b. 80
c. 40
d. 100
1
Expert's answer
2020-08-30T06:03:50-0400
Dear Satyam , your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order

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