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need help solving part A's iv, v, and part C Suppose you are given the following information about a particular industry: Market demand: QP =

need help solving

part A's iv, v, and part C

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Suppose you are given the following information about a particular industry: Market demand: QP = 5400 - 100P Market supply: Qs = 500P Total cost (each firm): TC(q) = 200 + 20 Assume that all firms are identical and that the market is characterized by perfect competition (even if the number of firms is small). a) Find, for the short run: i. the equilibrium market price ii. the equilibrium market quantity iii. the output supplied by each firm iv. the number of firms in the market v. the short-run profit of each firm c) Let's move into the long run: Suppose a firm's total cost curve remains unchanged for positive values of output (TCLR = 200 + 20 -). However, firms can enter and exit, and the market price and quantity may change. Find, for the long run: i. the output supplied by each firm in the long run ii. the equilibrium market price iii. the number of firms in the market (assume it is possible to have fractions of firms) iv. each firm's long-run profit

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