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Each firm belonging to a competitive industry has the following long-run cost function C ( q ) = 1 0 q 2 q 2 +
Each firm belonging to a competitive industry has the following long-run cost function C(q)=10q2q2+q3 where q denotes the output of a representative firm. Firms can enter and exit
the industry freely. The industry has constant costs: input prices do not change as industry output changes. The market demand facing the industry is given by Q=20P
Derive the long-run industry supply curve.
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