The demand and total cost functions for a monopolistically competitive market are Q(P) 300 N P, where N number of firms TC(Q) 50 Q 2 There are currently three firms in this market and they are in a short run equilibrium a) What are the profit maximising QMand PMfor each firm 5 points b) What is eac...

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The demand and total cost functions for a monopolistically competitive market are: Q(P) = 300/N - P,

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The demand and total cost functions for a monopolistically competitive market are:

Q(P) = 300/N - P, where N = number of firms

TC(Q) = 50 + Q²

There are currently three firms in this market and they are in a short run equilibrium.

a) What are the profit maximising QMand PMfor each firm? [5 points]

b) What is each firm's profitM? [5 points]

c) In the long run, how many firms are in the market (round to the nearest integer)? [10 points]

Posted Date: Jun 20, 2024 02:20 AM

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The demand and total cost functions for a monopolistically competitive market are: Q(P) = 300/N - P,

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