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3. Consider a perfectly competitive industry with only three firms. The firms have the following supply curves: y1 = p, yz = p - 5,

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3. Consider a perfectly competitive industry with only three firms. The firms have the following supply curves: y1 = p, yz = p - 5, and y3 = 2p respectively. a) Plot each of the supply curves on a graph with price on the vertical axis and quantity on the horizontal axis. Also, plot the resulting market supply curve on the graph. b) Suppose market demand is perfectly inelastic and the quantity demanded is given by D(p) = 15. What is the resulting market equilibrium price and quantity? c) At the equilibrium price, how much does each firm supply

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