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Y6 4. (20 points) Suppose that there are 5 firms in an industry with equal market shares of 20%, 20%, 20%, 20%, 20%. Market price

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4. (20 points) Suppose that there are 5 firms in an industry with equal market shares of 20%, 20%, 20%, 20%, 20%. Market price elasticity of demand is -1.2. If firm X's production cost function is C(q)- 10+3q and its market share is 10%, what price you expect it to charge for its product? Does it make any profit? Show your work

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