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The market for shoveling cars from snow, measured in number of hours shoveling, is perfectly competitive. It has market demand, 2 (P ) =480- 15P
The market for shoveling cars from snow, measured in number of hours shoveling, is perfectly competitive. It has market demand, 2 (P ) =480- 15P . It is comprised of 120 teenagers of equal skill that offer car shoveling services have identical costs, C (q.) = 16+92+49, The current market-clearing price and quantity (market equilibrium) is _hours of shoveling for a price of $ Each car shoveler makes an economic profit (IT ) of $ (include negative sign if it's a loss). Industry equilibrium would occur at a market price of $ caused because car shovelers (entered/exited) the market. Round all prices to nearest penny. Market quantities to nearest whole unit
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