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Question 2 (15 Total Marks) The Perfectly Competitive Firm in the Long Run Suppose the firm has the following Total Cost Function: TC=125q;-10qi+q;If Indusu'y Demand

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Question 2 (15 Total Marks) The Perfectly Competitive Firm in the Long Run Suppose the firm has the following Total Cost Function: TC=125q;-10qi+q;If Indusu'y Demand is given by: P: 1100 Q d) What is total industry output? [2 marks) a] How many firms are in the industry? [2 marks)

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