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cost function 8. Each firm in a competitive market has a cost function of C = q + q+ q. The market as an unlimited

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cost function

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8. Each firm in a competitive market has a cost function of C = q + q+ q. The market as an unlimited number of potential firms. The market demand function is Q = 24 - p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. How do these values change if a tax of $1 per unit is collected from each firm? (Hint: See Solved Problem 8.4.)

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