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Question 7. Now, consider another scenario where technology advancement changes the cost functions of each representative firm. The market demand is still the original one (before the increase in the number of students). The new cost functions are: TC = qs^2+5qs + 36 MC = 2qs + 5 What will be the new equilibrium price? a. 17 b. 4 c. 2 d. 6 Question 8. What is the long-run equilibrium price in this market? a. 12 b. 14 c. 25 d. None of the above Question 9. What is the long-run output of each representative firm in this industry? a. 5 b. 3 c. 6 d. 7 Question 10. When this industry is in long-run equilibrium, how many firms are in the industry? a. 3 b. 80 c. 40 d. 100
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