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Consider a competitive industry consisting of 100 identical firms each with the following cost schedule:
Output Total Cost0 3001 4002 4503 5104 5905 7006 8407 10208 12509 154010 1900
Market demand is given by the following schedule:
Price: $360 290 230 180 140 110 80Quantity Demanded: 400 500 600 700 800 900 1000
a. Draw the supply curve for an individual firm. On a separate graph, draw the demand and supply curves for the industry as a whole. Indicate the equilibrium price and output. Now draw the individual firm's demand curve on your first graph and show the firm's equilibrium, price and output.
b. Elucidate why the equilibria found in part (a) are only short-run equilibria. What will happen in the long run?
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