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how to calculate this problem? Question B-2 Consider an industry composed of one dominant rm and eight (8) perfectly-competitive rms. The industry demand curve is

how to calculate this problem?

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Question B-2 Consider an industry composed of one dominant rm and eight (8) perfectly-competitive rms. The industry demand curve is given by: Q=100p The total cost function for the dominant rm is given by: where qd is the output of the dominant rm. The total cost function for each competitive is given by: TC(Qf) = 70 qf + 2g? Where qf is the output of each competitive rm. Entry into the industry is not possible. a) [2 marks] Find the total supply curve for the eight competitive rms. b) [2 marks] Find the residual demand faced by the dominant rm. c) [6 marks] Find the prot-maximising quantity produced by the dominant rm, the quantity produced by each of the competitive (fringe) rms, and the equilibrium price

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