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Solution1. Suppose that the market for auto detailing in a city is perfectly competitive. The auto detailing firms are identical and have long-run cost functions given by TC(Q)= 10 Q3–100Q2+ 300Q. Market demand is Q D= 5,000 –90Pa. Derive the marginal and average cost curves for a firm in this industry.b. Find the quantity at which average total cost is minimized for each firm.c. Find the long-run equilibrium price in this industry.d. Use market demand to find the equilibrium total industry output.e. Find the equilibrium number of firms..QQQQ:Q:is