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Suppose that the (inverse) demand curve for Ginseng is given by P= 1104Q and TC =20 + $7Q 2 What is equilibrium Price and Quantity

Suppose that the (inverse) demand curve for Ginseng is given by P= 1104Q and TC =20 + $7Q2

  1. What is equilibrium Price and Quantity and Profit if there are two firms in the market (note Q = q1 + q2 and q1 = q2)? This question does not require a calculationyou can explain the outcome.

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