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3. (35 points) A future recession greatly affects the daily market demand for Maine lobsters, which can be described as QD = 3000 + 2501
3. (35 points) A future recession greatly affects the daily market demand for Maine lobsters, which can be described as QD = 3000 + 2501 250P (I is the average American income in $10005). Thanks to the recession, that average income falls from $32,000 to $24,000. All lobster fisherman are identical and face the same relationship between their total daily costs and daily output ((1): TC = WW2 + 4n + 200, which yields a marginal cost of MC = q + 4. You should assume that market output is the sum of all firm output (Q = N*q, where N is the number of lobster fishermen). Use this information to answer the following questions. A. How large are each fisherman's fixed costs
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