21.6 Suppose there are a fixed number of 1,000 identical firms in the perfectly competitive concrete pipe industry. Each firm produces the same fraction of total market output, and each firm's production function for pipe is given by q=VKL.

Suppose also that the market demand for concrete pipe is given by Q= 400,000- 100,000P, where Qis total concrete pipe.

a. If w = v = $1, in what ratio will the typical firm use 2£and L? What will be the long-run average and marginal cost of pipe?