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For the individual firm, the total cost of producing units of product X in the long-run is given by: () = 100 5 2 +
For the individual firm, the total cost of producing units of product X in the long-run is given by: () = 100 5 2 + 0.1 3 . The market demand for product X is given by: () = 10,000 100. Find the long-run equilibrium (price, quantity produced by the individual firm, total quantity sold in the market, and the number of identical firms).
firm = _____________________
market = __________________
= ______________________
= ____________________
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