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A market consists of / identical price-taking firms, where each firm i has the cost function 64 + q2. Market demand is given by N

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A market consists of / identical price-taking firms, where each firm i has the cost function 64 + q2. Market demand is given by N [20 - p] where p is price. (a) What is the supply curve for firm ? [6 marks] (b) Assuming that N is a large number, carefully describe the equili- brium in this market. [7 marks]

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