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3. In the US, the production of hairdryers has one dominant firm and 6 smaller firms, who all share the same supply curve: Q. =45
3. In the US, the production of hairdryers has one dominant firm and 6 smaller firms, who all share the same supply curve: Q. =45 + 1.4P. Demand for hairdryers is given by the following demand curve. (30 pts) Qo = 36 - 9P a. What is the quantity produced by the dominant firm? The firm's total cost curve is C = 3002. (15 pts) b. The dominant firm sets the price for the entire industry. Find this price. (5 pts) c. What is the quantity produced by each of the six small firms? (10 pts)
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