Suppose the market for cat food is perfectly competitive, with each firm having the total cost function TC(Q) = 48Q-Q+Q, where Q is the firm's output of cat food in tens of pounds. The associated average cost and marginal cost functions are AC (Q) = 48 - Q + 100 Q and MC(Q) = 48-Q+Q. Total demand in the market is given by D(P) = 48000 - 40P, where P is the price of ten pounds of cat food. 100 100 Find the long run competitive equilibrium in the cat food market, i.e. the equilibrium price, quantity supplied by each firm and number of firms operating in the market. Suppose the market for cat food is perfectly competitive, with each firm having the total cost function TC(Q) = 48Q-Q+Q, where Q is the firm's output of cat food in tens of pounds. The associated average cost and marginal cost functions are AC (Q) = 48 - Q + 100 Q and MC(Q) = 48-Q+Q. Total demand in the market is given by D(P) = 48000 - 40P, where P is the price of ten pounds of cat food. 100 100 Find the long run competitive equilibrium in the cat food market, i.e. the equilibrium price, quantity supplied by each firm and number of firms operating in the market.