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3. Basketballs are produced in a perfectly competitive industry where all firms are identical (same exact technology and cost curves). Each firm has a long-run

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3. Basketballs are produced in a perfectly competitive industry where all firms are identical (same exact technology and cost curves). Each firm has a long-run total cost function of TC =50 + 2q2. The market demand function is Q = 160 - 0.5P. A. (2 points) Derive the equation for long-run average total cost. B. (2 points) Derive the equation for long-run marginal cost

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