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Problem 2. (6 points) A local ice cream has total costs of production given by the equation TC=500-10q+5q 2 . The
Problem 2. (6 points) A local ice cream has total costs of production given by the equation TC=500-10q+5q 2 . The
market demand for ice cream is given by the equation QD=175 - (1/2)*P. 24. If the competitive market price of the output is $50, how many units (qSR) will this firm produce? 25. Given a competitive market price of $50, how many firms (NSR) are in this market? 26. Assuming the ice-cream industry is perfectly competitive, what output (qLR) would be produced by the firm in long-run equilibrium? d) What would be the long-run equilibrium price (PLR)? (2 points) 27. How many firms (NLR) will be in the industry in long-run equilibrium?
