Question: Each firm in a competitive market has a cost function of C = q + q2 + q3. There are an unlimited number of potential

Each firm in a competitive market has a cost function of C = q + q2 + q3. There are an unlimited number of potential firms in this market. The market demand function is Q = 24 - p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. How do these values change if a tax of $1 per unit is collected from each firm?

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