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3. The inverse market demand curve for bean sprouts is given by P ( Y ) = 100 2 Y , and the total cost function for any firm in the industry is given by TC ( y ) = 4 y .

(a) The marginal cost for any firm in the industry is equal to $4. The change in price for a one-unit increase in output is equal to $ 2

(b) If the bean-sprout industry were perfectly competitive, the industry output would be 48 , and the industry price would be $4.