{"id":106324,"date":"2022-01-26T08:41:32","date_gmt":"2022-01-26T08:41:32","guid":{"rendered":"https:\/\/essayparlour.com\/paperhelp\/?p=106324"},"modified":"2022-01-26T08:41:32","modified_gmt":"2022-01-26T08:41:32","slug":"the-canola-oil-industry-is-perfectly-competitive-every-producer-has","status":"publish","type":"post","link":"https:\/\/essayparlour.com\/paperhelp\/business-economics-2\/the-canola-oil-industry-is-perfectly-competitive-every-producer-has\/","title":{"rendered":"The canola oil industry is perfectly competitive. Every producer has"},"content":{"rendered":"<table style = 'table-striped table-bordered table-hover' responsive='true'>\n<tr>\n<th>Question<\/th>\n<\/tr>\n<tr>\n<td>The canola oil industry is perfectly competitive. Every producer has the following long-run total cost function: LTC = 2Q3 &#8211; 15Q2 + 40Q, where Q is measured in tons of canola oil. The corresponding marginal cost function is given by LMC = 6Q2 &#8211; 30Q + 40.<br \/>\n a. Calculate and graph the long-run average total cost of producing canola oil that each firm faces for values of Q from 1 to 10.<br \/>\n b. What will the long-run equilibrium price of canola oil be?<br \/>\n c. How many units of canola oil will each firm produce in the long run?<br \/>\n d. Suppose that the market demand for canola oil is given by Q = 999 &#8211; 0.25P. At the long-run equilibrium price, how many tons of canola oil will consumers demand?<br \/>\n e. Given your answer to (d), how many firms will exist when the industry is in long-run equilibrium?<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Question<\/p>\n<p>\nThe canola oil industry is perfectly competitive. Every producer has the following long-run total cost function: LTC = 2Q3 &#8211; 15Q2 + 40Q, where Q is measured in tons of canola oil. The corresponding marginal cost function is given by <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-106324","post","type-post","status-publish","format-standard","hentry","category-business-economics-2"],"_links":{"self":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/106324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/comments?post=106324"}],"version-history":[{"count":1,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/106324\/revisions"}],"predecessor-version":[{"id":106325,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/posts\/106324\/revisions\/106325"}],"wp:attachment":[{"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/media?parent=106324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/categories?post=106324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essayparlour.com\/paperhelp\/wp-json\/wp\/v2\/tags?post=106324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}