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4) The bolt-making industry currently consists of 20 producers, all of whom operate with the identical short-run total cost curves C (q) = 16 +
4) The bolt-making industry currently consists of 20 producers, all of whom operate with the identical short-run total cost curves C (q) = 16 + qz, where q is the annual output of a rm. The market demand for bolts is Q'1 = 1 10 p (assume that the industry is perfectly competitive). What is the rm's short-run supply curve? What is the short-run market supply curve? Determine the short-run equilibrium price and quantity in this industry. What is each rm's prot? What is the aggregate producer smplus? 99.0w
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