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28.A firm's short-run supply curve is given in the following table: Output Marginal Cost 1 50 2 100 3 150 4 200 5 250 The
28.A firm's short-run supply curve is given in the following table:
Output | Marginal Cost |
1 | 50 |
2 | 100 |
3 | 150 |
4 | 200 |
5 | 250 |
The firm is selling its product in a perfectly competitive market, where there are 25 identical firms and the market demand curve is given bythe table below:
Price | Quantity Demanded |
0 | 900 |
50 | 700 |
100 | 500 |
150 | 300 |
200 | 100 |
250 | 0 |
What is the market equilibrium price and quantity?
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