1. Consider a perfectly competitive market with a price of $21, where each firm has...
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Accounting
1. Consider a perfectly competitive market with a price of $21, where each firm has a cost function of c(q)=10+q+32q2 a) Is the market in long-run equilibrium? Explain why or why not. b) What is the value to a firm of a cost-saving process innovation that reduces the cost function to c(q)=5+0.5q2? c) Illustrate this innovation graphically using a well-labeled diagram
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