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Assume that the marginal cost curve of an individual firm is MC = q/15 and the minimum average cost is 10. Derive the short run industry supply curve assuming there are N vegetable oil producers (Hint: Set MC=P, solve for q and then multiply the resulting expression by N). Then, assuming that industry demand is given by Q=4000-100P, calculate the equilibrium value of N in the long run competitive equilibrium.

 

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