What is the long-run equilibrium price in industry

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B industry is perfect competitive, and each producer has a long-run total cost curve TC(Q) = 20Q - 2Q^2 + Q^3. The market demand curve is D(P) = 2488 - 2P.
a) What is the long-run equilibrium price in this industry? How much would an individ- ual firm produce?
b) How many active producers are in B industry in a long-run competitive equilibrium?

Reference no: EM13750212

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