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Suppose that there are 80 firms in a perfectly competitive market, and each firm has the following cost function: C = 100 +4q2. a. Derive

Suppose that there are 80 firms in a perfectly competitive market, and each firm has the following cost function: C = 100 +4q2.

a. Derive the market equilibrium quantity and price is the market demand is Q = 1280 -30p.

b. How much will each firm produce?

c. How much profit of loss will each firm incur?

d. Draw a graph to depict this relationship between a representative firm and the market. Also shade the profit or loss for the firm.

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