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George is the only seller of apples on an island. It has no cost at all for the apples it produces. a. The inverse demand
George is the only seller of apples on an island. It has no cost at all for the apples it produces. a. The inverse demand function is () = 100 - . Construct the market demand curve and the marginal revenue curve. b. What is the quantity and the equilibrium value? c. If the inverse demand function is () = 75 / 2, construct the market demand curve and the marginal revenue curve. d. What is the quantity and the equilibrium value?
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