1. Industry in the Short Run

Suppose an industry consists of 500 identical firms all producing a standardized product (widgets).The marginal cost function of each firm is given by Table 1.The fixed cost for each firm is $280. The data for the industry's aggregate demand curve are shown in Table 2.

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Hint: To determine the short-run supply curve, you would need to compete the table below (q is from 1 to 15). _______ _______ _______