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The broccoli industry has a dominant firm and a competitive fringe. The (inverse) market demand schedule is: p=102 - 2Q The dominant firm produces
The broccoli industry has a dominant firm and a competitive fringe. The (inverse) market demand schedule is: p=102 - 2Q The dominant firm produces qa units of output with the following cost structure: MCd ATC = $10 = The competitive fringe produces qj units of output with a marginal schedule of: Find the following in equilibrium. MC = 18+ qf a. Dominant firm's output level qa units b. Dominant firm's price p = $ c. Competitive fringe's output level qf= units Hint: Do not round or truncate in any intermediate steps while solving the problem.
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