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Suppose the market for apples is competitive. The marketdemand curve for applesisP=20-Q; the market supply curve for apples is P=Q.For a small farm located in
Suppose the market for apples is competitive. The marketdemand curve for applesisP=20-Q; the market supply curve for apples is P=Q.For a small farm located in Maryland, its marginal cost curve to produce apples is MC=10Q. At which quantity should the farm produce?(Hint: you need to first find out the market equilibrium price. And then use the price and MC curve to solve for the quantity for the farm)
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