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A2-6. Suppose the output (q) produced by different amounts of labour (L) hired by a firm is given below: Labour 0 1 2 3 4 5 6 Quantity 0 3 9 18 24 27 28 (d) Suppose this firm operates in a perfectly competitive market where the market price is $4.00 per unit of output. How many units will the firm produce? What if the market price is $12.00? What if the market price is 36.00? [5] (e) Assume that the short-run cost curves are drawn for the long-run efficient plant size and that all firms in the industry are identical. Are any of the market prices from part (d) a long-run equilibrium price? Explain. [5] (just answer e)
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