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Each firm in a competitive market has a cost function of C=q-q^2-q^3. There are unlimited number of potential firms in this market. The market demand
Each firm in a competitive market has a cost function of C=q-q^2-q^3. There are unlimited number of potential firms in this market. 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 a $1 tax per unit is collected from each firm?
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