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Help would be much appreciated. Question 2 [word limit: 750] All firms in a competitive industry have the following long-run total cost curve: C(q) =

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Question 2 [word limit: 750] All firms in a competitive industry have the following long-run total cost curve: C(q) = q? - 2q? +49 where q is the output of the firm. a. Compute the long run equilibrium price and explain how you obtain the result. [20 marks) b. Suppose the market demand is given by p = 10 - Q. Determine the long-run equilibrium number of firms in the industry. [10 marks] c. Suppose that the same market is instead served by a monopolist who shares the same technology described by the long-run total cost curve above. Find the price and quantity offered by the monopolist. [20 marks]

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