Question: Please answer thank you :) Please type your NUMERICAL answer in the space below. ENTER ONLY THE NUMBER. IF answers are in decimals, please round

Please answer thank you :)

Please type your NUMERICAL answer in the space below. ENTER ONLY THE NUMBER. IF answers are in decimals, please round the number to one decimal point. DO NOT USE COMMAS to separate 000s (for example, if the answer is One Thousand (1,000) TYPE 1000) A firm operates in perfectly competitive markets with the following cost and demand functions: TC=0.502+100Q+50 Q=1000-4P a) What is the long-run equilibrium price and quantity in the market? pLong-run_ b) How many firms are there in the industry in the long-run? Number of Firms=

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