Suppose a firm’s long-run total cost (LTC) curve is given LTC=2Q3-12Q2+20Q, and the long-run marginal cost curve is given LMC=6Q2-24Q+20, where Q is output. (A) What is the size of each firm in this industry? (B) What is the long-run supply curve of this industry? Graph it! (C) Suppose the demand curve is given Q=16-2P, how many firms are in the industry?

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Suppose a firm’s long-run total cost (LTC) curve is given LTC=2Q3-12Q2+20Q, and the long-run marginal cost curve is given LMC=6Q2-24Q+20, where Q is output.

(A) What is the size of each firm in this industry?

(B) What is the long-run supply curve of this industry? Graph it!

(C) Suppose the demand curve is given Q=16-2P, how many firms are in the industry?

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