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A market that follows the price leadership of a barometric firm has the following demand function: Q D,M =800-0.5P The follower firms have the following
A market that follows the price leadership of a barometric firm has the following demand function:
QD,M=800-0.5P
The follower firms have the following aggregate marginal cost function:
MCF=2QF
The barometric firm has a horizontal marginal cost curve equal to $600.
The total industry output will be:________ .
The market price will be:__________ .
The output by the barometric firm will be:_______ .
The output by the follower firms will be:________ .
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