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1) Each firm in a competitive market has a cost function of TC(q) = q - q2 +q3. The market has an unlimited number of

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1) Each firm in a competitive market has a cost function of TC(q) = q - q2 +q3. The market has an unlimited number of potential firms. The market demand function is Q=24P. Determine the long run equilibrium price, quantity per firm, market quantity and number of firms (Hint: It is possible to have a fraction of a firm @). How do these values change if a tax of $1 per unit is collected each firm

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