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4. The market for hay is perfectly competitive and is in a shortrun equilibrium at a price 3000 of $120 per ton of hay. Hay

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4. The market for hay is perfectly competitive and is in a shortrun equilibrium at a price 3000 of $120 per ton of hay. Hay Henry produces hay at an ATC = q + T and has a M O = 2q where q is tons of hay. (a) If Hay Henry maximizes prot, what level of output ((1) does it produce? (b) What is Henry's shortrun prot (or loss)? (c) Would this be a stable longrun equilibrium? Explain. If not what will happen to the number of rms in the market and the overall market price in the longrun

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