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An industry has 100 identical firms in an industry that behaves like a perfect competition (so all firms are price takers). Each firm has a short-run total cost curve of
C=0.2q^2 + 5q + 20
a. Calculate the short run supply curve for a representative firm as a function of price (P).
b. Calculate the industry short run supply curve.
c. Suppose the market demand is given by Q=-200P+6000. What is the short run equilibrium price and quantity?
d. What is the profit a typical firm will make?
e. Since all firms act like price takers, what is the long run equilibrium price in this market? Explain how you arrived at this answer.
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