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A perfectly competitive industry consists of a number of identical firms. Each firm has the following long-run marginal and average cost functions:
LRMC(q) = 40 - 12q + q2
LRAC(q) = 40 - 6q + (q2)/3
The market demand curve is given by Qd = 2200 - 100P.
(a) In the long-run equilibrium, how much would each firm produce?
(b) How much is the long-run equilibrium price?
(c) How many firms will be operating in this equilibrium?
(d) Plot two side-by-side graphs to illustrate the long-run equilibrium; one should show a typical firm in equilibiurm, the other should show the market in equilibrium.
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