a) Consider a perfectly competitive market. What is the long…
a) Consider a perfectly competitive market. What is the long-run equilibrium price if firms in the market produce according to the cost function C(q) = 11q-4q2+q3? (12 pts) b) The inverse demand function is P(Q) = 151-3Q where Q is the quantity demanded. Given your results from part a), how many firms will be operating in this market in the long run? (9 pts)