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6.13. Steel market supply. Suppose there are two technologies for producing steel. Technology 1 corresponds to a fixed cost of 450, a marginal cost of
6.13. Steel market supply. Suppose there are two technologies for producing steel. Technology 1 corresponds to a fixed cost of 450, a marginal cost of 8, and a production capacity of 120. Technology 2 corresponds to a fixed cost of 62, a marginal cost of 13, and a production capacity of 35. Currently, there are 2 firms using Technology 1 and 10 firms using Technology 2. Assuming all firms behave as price takers, derive the industry short-run supply curve
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