題組內容

3. For a particular competitive firm, the minimum value of average variable cost (AVC) is $3.5. The minimum value of short run average total cost (SATC) is $4.5 and is reached when 60 units of output are produced. The minimum value of long run average total cost (LATC) is $4 and is reached when 50 units of output are produced. Suppose the market demand is 611ca6a0e7b3e.jpg and the market supply is611ca6c30b56c.jpg

(b) What is the equilibrium market price? Is it long run or short run equilibrium?