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23-05-2023
Business

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Each of the firms in a competitive market has a cost function of C = 20 + 3q? The market demand function is Q = 170 - p. a. Determine the long run equilibrium quantity of output for each firm. b. Determine the long run equilibrium price c. Determine the long run total quantity in the market d. Determine the number of firms in the market at the long run equilibrium.

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