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This is a question about microeconomics In a perfectly competitive market, where all the firms are homogeneous, the following information is given: Qa = 2400

This is a question about microeconomics

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In a perfectly competitive market, where all the firms are homogeneous, the following information is given: Qa = 2400 - 0.2P (Market Demand) Qs = 120 + 0.4P (Market Supply) C(q) = 45 + 2q2 (Firm's Total Cost) MC = 4q (Firm's Marginal Cost). Show your computational steps completely. Keep 2 digits after the decimal point. a) Derive the marginal revenue (MR) of this market. b) Calculate a firm's maximized profit. c) How many firms are there in this market? (Note: A partial number of firms is possible.) d) What are the lowest prices at which each firm would sell its output in the long run and short run, respectively

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