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What would be the long run price and quantity

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Reference no: EM13314084

Given equation:

TC=1/8q^3-1.5Q^2+11.5Q

P=37-0.01q(demand)

p=1+0.01q(supply)

Questions

1. What would be the long run price and quantity for this firm in a competitive market?

2. In the long run how many firms are in the industry?

Reference no: EM13314084

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