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Suppose the market consist of 500 identical firms, and the market demand is given by Q = 50 P . Each firm has a short

Suppose the market consist of 500 identical firms, and the market demand is given by Q = 50 P . Each firm has a short run total cost curve STC = 0.3 + 250(Q^2).

1) What is the short run equilibrium price in this market? (5 marks)

2) What is the profit maximizing quantity for each firm? (5 marks

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