An industry with many stores offer laminating as a service to their customers. Suppose that each store that offers this service has a cost function C(q)=50+0.5q+0.08q2 and a marginal costMC=0.5+0.16q. Suppose the going rate for laminating is R8.50 per sleeve which each store is compelled to charge. 1. Is the industry in long run equilibrium? Use calculations to either prove or disprove your findings.

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