Question: The raspberry growing industry in the U.S. is perfectly competitive, and each producer has a long-run marginal cost curve given by MC(Q) = 20 +

The raspberry growing industry in the U.S. is perfectly competitive, and each producer has a long-run marginal cost curve given by MC(Q) = 20 + 2Q. The corresponding long-run average cost function is given by AC(Q) = 20 + Q + 144/Q. The market demand curve is D(P) = 2488 - 2P. What is the long-run equilibrium price in this industry, and at this price, how much would an individual firm produce? How many active producers are in the raspberry growing industry in a long-run competitive?

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