Suppose that the perfectly competitive market for granola bars is made up of identical firms with long-run total cost functions given by TC(Q) = 8Q3- 
Q2 + 200Q. Assume that these cost functions are independent of the number of firms in the market and that firms may enter or exit the market freely. Market demand is 
, where price is in cents.
a. Using calculus, find the long-run equilibrium price, the quantity produced by each firm, and the number of firms in the industry.
b. Suppose that market demand decreases to 
. Solve for the new long-run competitive equilibrium.
Definitions:
Modify Language
The process of altering language, whether spoken or written, to suit different contexts or audiences.
Grievance Procedures
Formal processes provided by organizations through which employees can raise concerns, complaints, or issues for resolution.
Unresolved
Referring to issues, disputes, or questions that have not been settled or concluded.
Arbitrator
A neutral third party who is brought in to resolve a dispute between two parties, making a decision that is usually binding.
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