3 There Are Two Types Of Firms In An Industry Type 1 Firms Have The Costs Tc 91 6250 3653511

3. There are two types of firms in an industry. Type 1 firms have the costs TC() 91) 6250.25i and type 2 firms have costs TC(92) 500052. The fixed costs for both types of firms are NOT sunk (e) If consumers demand is Q”(p) 2400 10p what is the short-run equilibrium price and quantity? What are the long-run equilibrium price, quantity, and number of firms?

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