Question
The gadget industry has four firms. All the firms have constant marginal cost, MC = 9 and their fixed cost is sunk. The market demand
The gadget industry has four firms. All the firms have constant marginal cost, MC = 9 and their fixed cost is sunk. The market demand for gadgets is G = 400 40P.
Assume that, in a short-run equilibrium, all the firms produce the same amount. What is the equilibrium price? What is the total supply? How much does an individual firm produce?
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Mathematical Statistics With Applications In R
Authors: Chris P. Tsokos, K.M. Ramachandran
2nd Edition
124171133, 978-0124171138
