A number of stores offer film developing as a service to their customers. Suppose that each store offering this service has a cost function (C) C (q) equals50plus0.20qplus0.0800q squared and a marginal cost (MC) of MC (q) equals0.20plus0.160q. If the going rate for developing a roll of film is $8.00 , is the industry in long-run equilibrium? No. Find the price associated with long-run equilibrium. The market will be in long-run equilibrium when the price is $ 25. (Enter your response rounded to two decimal places. )
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