The demand schedule in a perfectly competitive market is given by P = 93 – 1.5Q (for Q ≤ 62) and the long-run cost structure of each company is:
| Total cost: | 256 + 2Q + 4Q2 |
| Average cost: | 256/Q + 2 + 4Q |
| Marginal cost: | 2 + 8Q |
New companies will enter the market at any price greater than:
8.
66.
81.
