Long run profits and number of firms in industry

Reference no: EM1316006

Suppose that there are N firms in a competitive industry, and that all firms are identical. Suppose that in the long run, the profits of each firm are equal to 55 + 5N - N².

Calculate the number of firms that will be in the industry in the long run and what will be the profit of each? Explain.

Reference no: EM1316006

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