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Suppose that wood industry is a perfectly competitive industry that involves 240 identical firms. The production function of each of these identical firms is as

Suppose that wood industry is a perfectly competitive industry that involves 240 identical firms. The production function of each of these identical firms is as follows: q=KL 2 1 where K denotes capital and L denotes labor with the corresponding prices: P K =12 and P L =9. Suppose that capital is fixed K=3 and market demand function is given as follows: Q D =2,00080P

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