A competitive industry faces a demand expressed as Q = 800-8p and each firm in the competitive industry faces identical cost condition specified as C = 200 + 104 + 2q2; where Q is the output of the firm and C is the cost. There is free entry and unlimited number of potential entrants. What is the equilibrium output and price?
b) Distinguish between the following terms;
i. Rational vs. irrational numbers.
ii. Linear vs. nonlinear functions.

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