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Homework 1 ECON 431, Spring 2021 Instructions: Show all of your work!!!! Then scan to a pdf, or if necessary take pictures of your work (scanning to pdf preferred). Upload your complete assignment using the Blackboard link provided by midnight, Sunday 9/5. Please submit pdf, Word, and jpeg files only! Alternatively, and preferably from my perspective, please bring a hard copy of your work to class the following week (if you plan on attending class regularly). 1. Consider a perfectly competitive market with a price of $12, where each firm has a cost function of 𝒄𝒄(𝒒𝒒) = πŸ“πŸ“πŸ“πŸ“ + 𝟐𝟐𝟐𝟐 + 𝟎𝟎. πŸ“πŸ“π’’π’’πŸπŸ. a) Is the market in long-run equilibrium? Explain why or why not. b) What is the value to a firm of a cost-saving process innovation that reduces the cost function to 𝑐𝑐 (π‘žπ‘ž) = 10 + 0.5π‘žπ‘ž2 ? c) Illustrate this innovation graphically using a

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