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Supply equation and the market supply equation.

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Reference no: EM13805165

1. In a competitive market, there are 8 firms, each with total cost given by: TC = Q^2+100

a. Derive the firm's long-run supply equation and the market supply equation.

b. Market demand is given by Q = 120 - P. Determine the equilibrium price and total output in the market. What is each firm's output and economic profit?

c. In the long-run, is the number of firms likely to increase or to decrease?

Reference no: EM13805165

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