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A representative firm with total cost given by TC=20+20q+5q operates in a competitive industr where the short-run market demand and supply curves are given by

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A representative firm with total cost given by TC=20+20q+5q operates in a competitive industr where the short-run market demand and supply curves are given by QD=1400-40P and Qs=- 400+20P. Please answer questions 1-4 with the information. 1. Calculate the market price. 2. Calculate the equilibrium quantity of output in the market. 3. Calculate the quantity of output of the individual firm. 4. How many firms are operating in the market in the short run

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