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4- Suppose that there are 100 identical firms in a perfectly competitive industry. Each firm has a short-run total co : - st curve of

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4- Suppose that there are 100 identical firms in a perfectly competitive industry. Each firm has a short-run total co : - st curve of by e of the form a) Calculate the firm's short-run supply curve with g as a function of market price (p). A b) On the assumption that there are no interaction effects among costs of the firms in the industry, calculate the short-run industry supply curve. C) Suppose that market demand is given by Q= 50 8P, what will be the short-run equilibrium piece quantity combination 7" 2l

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