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1. Consider a perfectly competitive market where the market demand is Qd = 50 - p. Suppose a typical firm has a cost function c(q)

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1. Consider a perfectly competitive market where the market demand is Qd = 50 - p. Suppose a typical firm has a cost function c(q) = 5 + 14q + 5q-. a. Obtain the AFC, AVC and ATC functions. b. Obtain the short-run supply curve of a typical firm. c. How many firms will there be in the long run equilibrium (assuming that all the firms are identical)

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