In the long run period, a small number of firms produces the differentiated product "X" in a monopolistic competition market. The total demand for this product "X" can be written as: Qp(p) = 1350 – 45p The total cost function is: 1 TC = q° – 3q² + 40q What is the number of firms in this market?
In the long run period, a small number of firms produces the differentiated product "X" in a monopolistic competition market. The total demand for this product "X" can be written as: Qp(p) = 1350 – 45p The total cost function is: 1 TC = q° – 3q² + 40q What is the number of firms in this market?
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter12: Price And Output Determination: Oligopoly
Section: Chapter Questions
Problem 5E
Related questions
Question
![In the long run period, a small number of firms produces the differentiated
product "X" in a monopolistic competition market. The total demand for this
product "X" can be written as:
Qp(p) = 1350 – 45p
The total cost function is:
1
TC = q³ – 3q² + 40q
10
What is the number of firms in this market?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd7ad0533-d9a6-440d-9503-02f8986e8ea5%2F3683194d-b619-4fb2-9393-1f68c93f4d89%2F16ogq5u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In the long run period, a small number of firms produces the differentiated
product "X" in a monopolistic competition market. The total demand for this
product "X" can be written as:
Qp(p) = 1350 – 45p
The total cost function is:
1
TC = q³ – 3q² + 40q
10
What is the number of firms in this market?
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Managerial Economics: Applications, Strategies an…](https://www.bartleby.com/isbn_cover_images/9781305506381/9781305506381_smallCoverImage.gif)
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
![Managerial Economics: Applications, Strategies an…](https://www.bartleby.com/isbn_cover_images/9781305506381/9781305506381_smallCoverImage.gif)
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning