Question: Please use typing instead of handwriting. Please write clearly if you cannot type. Thank you! The canola oil industry is perfectly competitive. Every producer has

Please use typing instead of handwriting. Please write clearly if you cannot type. Thank you!

type. Thank you! The canola oil industry is perfectly competitive. Every producer

The canola oil industry is perfectly competitive. Every producer has the following long-run total cost function: LTC = my 16192 + 50c}, where Q is measured in tons of canola oil. (a) What is a typical rm's long-run average total cost? (b) What will the long-run equilibrium price of canola oil be? (c) How many units of canola oil will each rm produce in the long run? (d) Suppose that the market demand for canola oil is given by cf (P) = 1, 002 $13. At the long-run equilibrium price, how many tons of canola oil will consumers demand? (e) Given your answer to (d), how many firms will exist when the industry is in long-run equilibrium

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