Costs of production for each competitive firm is given by: C(q) = 8 + 2q². Market demand is Qd = 100 - 5p. What is the number of firms in the long-run equilibrium? O 100 - 90 O 60 O 30 O Question 16 A profit tax on a monopolist O will have no effect on the profit maximizing price and quantity O will have no effect on the profit maximizing quantity but the price is going to be higher. O will have no effect on the profit maximizing price but the quantity is going to be lower. O will make both price and quantity higher. Question 17 Production technology is q = K¹/2L. What is the short-run cost function C if K =16, w = 6 and r = 3 OC=48+1.5q O C= 12 +1.2q O C = 32+2.5q OC= 8+2q
