What is the long-run equilibrium price in the market

Reference no: EM13190709

Suppose that market demand is given by Q = 10 - 0.01P in which Q is the quanity of a good given in million units, and P is the price of the good given in $ per unit. In the long-run, a typical producer faces average cost AC = 9 + 2Q and marginal cost MC = 3 + 6Q where Q is given in units. What is the long-run equilibrium price in this market, if it is perfectly competitive?

Reference no: EM13190709

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