Suppose that the market for gourmet deli sandwiches is perfectly competitive and that the supply of workers in this industry is upward-sloping, so that wages increase as industry output increases. Delis in this market face the following total cost: 
where Q is the number of sandwiches and W is the daily wage paid to workers. The wage, which depends on total industry output, equals 
, where N is the number of firms. Market demand is 
) In the long-run equilibrium, the total industry output is ____.
Definitions:
High Water Mark
The previous value of a portfolio that must be reattained before a hedge fund can charge incentive fees.
Incentive Fees
Fees paid to a fund manager based on the performance of the fund, designed to align the interests of the manager with those of the investors.
Portfolio Value
The total worth of all the financial assets held in an investment portfolio.
Statistical Arbitrage
A strategy that uses statistical and computational techniques to exploit inefficiencies or price differences in financial markets, often involving complex models and high-frequency trading.
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