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Suppose the market for wheat consists of 500 identical firms, each with the following total and...

Suppose the market for wheat consists of 500 identical firms, each with the following total and marginal cost functions: TC(q) = 90,000 + 0.00001q2, where q is measured in bushels per year. The market demand for wheat is Q = 90,000,000 – 20,000,000P

Find the market equilibrium price and quantity.

Find the profit-maximizing quantity of production for each firm and the profit at that quantity.

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