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A perfectly competitive industry consists of many identical firms, each with a long-run total cost of LTC = 800 Q - 10 Q 2 + 0.1 Q 3 . In long-run

  1. A perfectly competitive industry consists of many identical firms, each with a long-run total cost of LTC= 800- 10Q2 + 0.1Q3.
  2. In long-run equilibrium, how much will each firm produce?
  3. What is the long-run equilibrium price?
  4. The industry's demand curve is QD = 40,000 - 70P. How many units do consumers buy in long-run equilibrium? How many firms are in the industry?
  5. Suppose the industry's demand curve rises to QD = 40,600 - 70P. How many new firms will enter this constant-cost industry in the long run?

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