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Industry returns to long run equilibrium

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Reference no: EM131287555

You are the owner manager of a perfectly competitive firm that manufactures house paints. The industry is in a long run equilibrium. Each firm's long run cost curve is given by TC=36Q-10Q^2+Q^3. Suppose the government impose a tax of $1 for each unit of output sold. What will be the industry price after the industry returns to long run equilibrium? What will be each firm's level of output?

Reference no: EM131287555

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