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The answer 500 and 2950 are wrong, I need help with these 2 only Feedback See Hint Imagine that the cell-phone market is made up
The answer 500 and 2950 are wrong, I need help with these 2 only
Feedback See Hint Imagine that the cell-phone market is made up of one large firm that leads the industry and sets its own price first, while smaller firms in the industry follow. There are 20 such smaller firms, each with a supply function of qi = 47.50 + - fori = 1, 2, ..., 20 firms, while p is the per-unit price. Total market demand for cell phones is given by the function @ = 5, 900.00 - p. If the cost function for the leading firm is cL (qL) = 10qL, calculate the following values: Leading firm's production: qr = 2450 (Round to two decimals if necessary.) Total follower firm production: qF = * 500 (Round to two decimals if necessary.) Equilibrium price: p = * $ 2950 (Round to two decimals if necessary.)Step by Step Solution
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