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Suppose that the market for apple is perfectly competitive, with many identical producers and free entry and free exit. Each producer's long run average cost

Suppose that the market for apple is perfectly competitive, with many identical producers and free entry and free exit. Each producer's long run average cost function is minimised at $0.50 per pound, when they produce 500 pounds.

Annual world demand for apple can be given by Q=100000 - 160000P.

In the long run, how many pounds of apple will be consumed each year?

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