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f9. A firm is in a competitive, constant cost industry. The firm's long-run total cost function is C = 0.01q3 - 2q2 + 150q. Market
\f9. A firm is in a competitive, constant cost industry. The firm's long-run total cost function is C = 0.01q3 - 2q2 + 150q. Market demand is Q = 16,000 - 200P and short-run market supply is Q = 200P. a. What is the short-run market equilibrium price? b. What is the long-run competitive equilibrium price? c. In the long run, how much will each firm produce? d. In the long run, what will be the total market quantity demanded? e. In the long run, how many firms will be in the market? f. Suppose that a $10 per unit tax (specific tax) is imposed. What will be the new long-run competitive equilibrium price? Explain
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