Question: 4. The market demand function 1s given by Q,, = a bp. In the short-run, there are N identical firms in the market. Each firm

4. The market demand function 1s given by Q,, = a bp. In the short-run, there are N identical firms in the market. Each firm has the same cost function: C(y) = cy?. Write down 2 optimal conditions for short-run market equilibrium: Solve for the price, quantity, and profits for each individual firm in an equilibrium with a fixed number of firms. What would happen in the long run

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