Question
Given 5 consumers each with a demand: X 1 (P)=20-1/2P. Firms supply(P+2)/3=Y(P) we can have m identified firms. Show how the price responds to changes
Given 5 consumers each with a demand: X1(P)=20-1/2P. Firms supply(P+2)/3=Y(P) we can have m identified firms. Show how the price responds to changes in the number of firms and explain the implications.
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Environmental And Natural Resource Economics
Authors: Thomas H Tietenberg, Lynne Lewis
10th Edition
1315523965, 9781315523965
