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please show all work In a perfectly competitive farm industry, all farms are identical and each has costs given by TC= 100Q - 602 +
please show all work In a perfectly competitive farm industry, all farms are identical and each has costs given by TC= 100Q - 602 + 0.103 and MC= 100 - 12Q + 0.3Q2. The long run market demand is given by Q=2150 -5P. a) What is the LONG RUN equilibrium price (P*) in this market? b) How much profit (it) will each farm make in the LONG RUN? Why
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