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Dro Question 22 of 28 0 Points Britney produces pop music albums with the total cost function TC(Q) = 8Q. Market demand for pop music
Dro Question 22 of 28 0 Points Britney produces pop music albums with the total cost function TC(Q) = 8Q. Market demand for pop music albums is P = 56 - Q. Suppose there is a competitive fringe of price-taking pop music artists, with total supply function Qfringe = 2P - y, where y > 0 is some positive integer. If Britney behaves like a dominant firm and maximizes her profit by selling at a price of P = 16, find the output level of each fringe firm
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