All firms in a competitive industry have long-run total, Business Economics

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All firms in a competitive industry have long-run total

All firms in a competitive industry have long-run total cost curves given by LTC(Q) = Q3 – 10Q2 + 36Q where Q is the firm’s level of output. What will be the industry’s long-run equilibrium price? What will be the long-run equilibrium output level of the representative firm?

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