Question

\text { 1. All firms in a competitive industry have the cost function } T C(q)=200+10 q+\frac{q^{2}}{2} \text { . } Market demand is described by the function p =

55 - q/20, where Q is aggregate demand for the industry's product. In the long run, what will be the price, number of firms, and the quantity produced per firm in this industry? Show your work.

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