1. Suppose that the market for painting services is perfectly competitive. Painting companies are identical; their long-run cost functions are given by.
a) Find the long-run equilibrium quantity (q) and price (P) in this industry. Round answers to one decimal. 3 points
b) If market demand is , find the equilibrium total industry output (Q). 1 point
c) Assuming again that all painting companies are identical, find the equilibrium number of firms. 1 point