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d. (1pt) Use the market Q and the individual firm q to find the number of firms now operating in the market. e. (2pts) What
d. (1pt) Use the market Q and the individual firm q to find the number of firms now operating in the market. e. (2pts) What is the equation of the new market supply curve? Find the inverse market supply curve. This is the market supply that satises the LR equilibrium condition. f. Draw the pair of graphs that depict long run competitive equilibrium. To create graphs, complete the following steps: Return to your \"perfect comp\" worksheet Replace the price in column J with the new price you calculated above. (2pts) Use scatter-plot to create a graph that shows the LR equilibrium for the firm. Only include ATC, MC and your new P. Title the graph \"PC in LR Firm Level\" and label the axes. Format the graph so the max on the horizontal axis is 20, the max on the vertical axis is Bil-ll, and there are major grid lines both ways and mirror vertical grid lines. Drag the bottom down a bit to make the graph easier to see. Cut and paste your graph here: Verify that the long rrm equilibrium is consistent with what you calculated. In column N, enter the formula for the new inverse market Supply. (2pts) Use scatter-plot to create a graph that shows market Demand and both the initial market Supply and the long-run equilibrium market Supply. Title the graph \"Final Market 5 81 D\" and label the axes. Format the graph so the min on the vertical axis is f}, the max on the horizontal axis is 20-0-0 and there are major grid lines both ways and mirror vertical grid lines. Copy and paste your graph here: Verify that the short-run and long-run equilibrium prices and quantities are consistent with your algebraic solution values
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