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Suppose a single firm produces all of the output in a contestable market. The market inverse demand function is P = 400 -2 Q ,

Suppose a single firm produces all of the output in a contestable market. The market inverse demand function isP= 400 -2Q, and the firm's cost function isC(Q) = 20Q. Determine the firm's equilibrium price and corresponding profits.

Price: $

Profits: $

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