Suppose that wood industry is a perfectly competitive industry that involves 160 identical firms. The production function of each of these identical firms is as follows: 1 1 q = KZLZ where K denotes capital and L denotes labor with the corresponding prices: Pg = 10 and P 12. Suppose that capital is fixed K=12 and market demand function is given as follows: QD = 1,600 - 20P What is the equilibrium price and quantity, respectively?

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