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Please explain this question and show how you reached the final answer, I have been having some difficulty grasping the concept, thank you! Sugppose q
Please explain this question and show how you reached the final answer,
I have been having some difficulty grasping the concept, thank you!
Sugppose q is an individual firm's output, while output for the entire market can be represented by Q . Then, suppose that a competitive sector has N 2 2D firms, each showing the following total cost curve: TC=f+m And the market demand curve is represented by P=n@' where Q\" is the quantityr demanded by the whole market. [a] Find an expression for the individual firm's marginal cost function. [b] Derive an expression for an individual rm's supply function. {c} Derive an expression relating q and Q3 . Hint: recall that there are 2|] rms in this sector. [d] Find 'l' equilibrium price and quantity for 'lt'.' entire market. [e] Sketdi part {d)'s answer in a graph. Hint: Do not forget to label the axesStep by Step Solution
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