Consider a competitive industry with several identical firms. The cost function of a price-taking firm is given by: C=q3 - 2q2 +3q.
The market demand curve is: Q = 30 − P.
(a) Derive the long-run supply function of a firm.
(b) Derive the long-run market supply function.
(c) Determine the number of firms in the industry in the long-run equilibrium.
