(Answered) In a perfectly competitive industry each producer has a

Management Studies

In a perfectly competitive industry each producer has a long run total cost function given by LTC=q^3-24q^2+200q where q denotes the output of the individual firm.

The market demand for the product is Q=1480-5p where Q and P denote the market output and price respectively.

(a) Calculate the optimal output produced by each firm at the long run competitive equilibrium (LRCE).

(b) Calculate the market price and market output at the LRCE.

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