The apple growing industry in the United States is perfectly competitive,

and each producer has a long-run marginal cost curve given by

MC(Q) = 40 -2Q +0.03Q2 (0.03Q to the power of 2). The corresponding long-run average cost function is given by AC(Q) = 40 - Q + 0.01Q2 (0.01Q to the power of 2). The market demand curve is Q(P) = 25,000 - 1,000P.

(a) How much would an individual firm produce at the equilibrium?

(b) What is the long-run equilibrium price in this industry?

(c) How many active producers are in the apple growing industry in a long-run competitive equilibrium?