1- Assume all firms operating in a competitive market have the following total cost function:< TC = 2.5Q³ - 35.5Q² +210Q + 320< a) Determine the profit maximizing level of output for a typical firm if the market demand and supply functions are Qmd=32000 - 50P b) How many firms are in this industry? c) What is the long run price established in the market? and Qms = -2000 + 30P

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