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An individual firm’s supply curve is given by the inverted MC(q), qS = (16+p)/4 and the...

  1. An individual firm’s supply curve is given by the inverted MC(q), qS = (16+p)/4 and the market supply is given by QS = 48 + 3p. i) What are p, q, and Q* in the short-run if demand is QD = 120 – 3p? ii) What is the number of firms, n, in the long-run? [Give a written response for partial credit if you do not recall the math steps to find numerical answers.]

i)                                                                           ii)

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