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There are firms selling differentiated products to a representative consumer. Each firm faces the inverse demand function = 1 1000 2000 . The good is

There are firms selling differentiated products to a representative consumer.

Each firm faces the inverse demand function = 1 1000 2000 .

The good is produced at a marginal cost of .28 for every unit.

a. Find the equilibrium quantities, prices, and profits.

b. If there is a fixed cost of 10, how many firms will enter the industry?

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