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5. (10 points)(Competitive Firm) Answer the following questions. (a) Suppose there are 200 identical firms in a competitive market. Each firm has the cost function

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5. (10 points)(Competitive Firm) Answer the following questions. (a) Suppose there are 200 identical firms in a competitive market. Each firm has the cost function of (y) = 3y? 4 150. Find the individual firm's supply function and express the firm profit in terms of the output price p. (b) Based on (a), what is the short-term profit (or loss) of each individual firm when the market demand is D(p) = 850 5p? Also, how many firms would enter (or exit) in the long-run equilibrium

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