What is long-run equilibrium price and total industry output

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Reference no: EM13221082

Each firm in a competitive industry has an identical cost structure wherein long-run average costs are minimized at q=20. The minimum average cost is $10/unit. Suppose the market demand is given by Q=1500-50P. What is the long-run equilibrium price, total industry output, the output of each firm, the number of firms, and the profits of each firm?

Reference no: EM13221082

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