Illustrate what are the long run equilibrium price-quantity

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Reference no: EM1362191

Consider the perfectly competitive market with the demand function Q(p)=1-p. Every firm has the cost function C(Q)=1/128 + Q^2/2.

A) What are the long run equilibrium price, quantity of a single firm and the industry output? How many firms are in the market?

b)What are the consumer surplus, producer surplus, and social welfare in the market?

Reference no: EM1362191

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