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2. A perfectly competitive industry has a large number of firms. Each firm has an identical long-run cost function C(q) = 0.1-1.29 + 111. Total

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2. A perfectly competitive industry has a large number of firms. Each firm has an identical long-run cost function C(q) = 0.1-1.29 + 111. Total market demand is given by Q = 6000 - 20p. a) Derive single firm's supply function. b) Calculate the long-run equilibrium price and total industry output. c) What's the number of firms under equilibrium

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