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Suppose demand for computer chips is and that this industry is served by identical firms. Each firm's total cost function is . Find each firm's
Suppose demand for computer chips is and that this industry is served by identical firms. Each firm's total cost function is .
Find each firm's short-run and long-run supply curve.
In the short run, suppose there are 10 firms in the industry. What quantity will each firm produce?
In the long run equilibrium, what will the price in the industry be and how much will each firm produce? How many firms will there be in the market?
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