Question
A competitive industry is made up of identical firms, each having the cost function c(q) = 5q^2 + 80. The market demand function is Q
A competitive industry is made up of identical firms, each having the cost function c(q) = 5q^2 + 80. The market demand function is Q = 180 2P, and the number of firms is fixed at 10 in the short run. The short-run equilibrium price in this industry will be:
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Principles of Economics
Authors: Gregory Mankiw
7th edition
128516587X, 978-1285165875
