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Any firm in the industry for cherry pies has cost function c(y) = 4 y 2 8 y + 2 5 6 . Demand for
Any firm in the industry for cherry pies has cost function c(y) = 4y28y+256 . Demand
for cherry pies is given by D(p) = 104 p . What is the price in the long-run competitive
equilibrium for this industry? Explain your answer.
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