Question: Suppose that the long run TC function is as follows: TC=1000+10Q 2 (and total cost is 0 if Q is less than 0). If the

  1. Suppose that the long run TC function is as follows: TC=1000+10Q2 (and total cost is 0 if Q is less than 0). If the going price in the industry is $300, is the market in long run equilibrium? Show the adjustment using an industry and individual firm graph.

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