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2. Sixty identical firms in a perfectly competitive market
face the following cost function:
TC = 10 + 18 q + 3q2;
Furthermore, the market demand curve is:
Qd = 240 – 2P;
Find the short-run supply curve of the firm and the market.
What is the price, quantity, profit/loss for each firm? Is this
industry in long-run equilibrium? If not, what will be the price in
the long-run and how many firms will be in the industry?
(Please label each step, thank you in advance!)