In an industry there are N firms producing a homogeneous product. Let qi denote the output level
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In an industry there are N firms producing a homogeneous product. Let qi denote the output level of firm i, and Q denote the aggregate industry production level. That is, Q = ? N i=1 qi . Assume that the demand curve facing the industry is p = 100 ? Q. Suppose that the cost function of each firm i is given by
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