A competitive industry currently consists of 50 identical firms. An individual firm’s total cost function is given by TC = 1⁄2 q2 + 450 and its marginal cost MC = q, where q is the quantity supplied by the firm. Market demand is given by Q = 4000 - 5P, where Q is the market quantity demanded and P is the market price. In the long run market equilibrium, how much will each firm produce?
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