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The long-run cost function of the representative firm in an industry is C(q)=q 3 /3-6q 2 +30q and the market demand function is D(p)=3600-120p. Determine
The long-run cost function of the representative firm in an industry is C(q)=q3/3-6q2 +30q and the market demand function is D(p)=3600-120p. Determine the quantity supplied by the representative firm, the market price, the total sales, and the number of firms in the long-run industry equilibrium.
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