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Question 19 8 pts The equilibrium price in a perfectly competitive market is equal to $10. The firms in this market have a short-run total
Question 19 8 pts The equilibrium price in a perfectly competitive market is equal to $10. The firms in this market have a short-run total cost function equal to SRTC=100+5q, where q is the number of units that they produce. In your essay, address each of the points below separately. You can assume this is the short run for the question, but it does not matter for your answer. a) What is different about the marginal cost curve in this question, relative to the questions you usually see in this class? b) Using your understanding of profit maximization, how many units should each firm produce to maximize profit and why? c) How would your answer change if the equilibrium price was equal to $2? Explain your answer. Edit View Insert Format Tools Table 12pt ~ Paragraph B IYA LV TV EV EVE To B V VX
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