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The question follows: The market for pizzas characterized by complete competition and is a constant cost industry The short term demand and supply can be

The question follows:

The market for pizzas characterized by complete competition and is a constant cost industry

The short term demand and supply can be described by the following functions

P= 500 - 0.05Qd

P= 60 + 0.025Qs (short term)

Short term: P: 206.67 , Q: 5866,67

Long term: P: 210, Q: 5800

(The long term numbers are not included in the actual question but I know the answer but not how to come to that conclusion)

How do I get the long term price equilibrium and quantity equilibrium? Illustrate in a graph.

Please explain the solution.

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