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5. Let Market Demand be: X = 1,050,000 - 50,000 Px. Assume there are 500 identical firms in a competitive market, each with the following

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5. Let Market Demand be: X" = 1,050,000 - 50,000 Px. Assume there are 500 identical firms in a competitive market, each with the following SRTC: SRTC; = 0.001 x + 3 x,+100. a. What is the Market Supply? (2 pts.) b. Calculate the SR Market Equilibrium (PX, X*, xi, m;). Be sure to explicitly check the shutdown clause. (8 pts)

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