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QUESTION
I n a perfectly competitive market, demand is given by Qd(P) = 60 - P. There exist 300 identical firms. Each firm's short run total cost function:...
In a perfectly competitive market, demand is given by Qd(P) = 60 - P. There exist 300 identical firms. Each firm's short run total cost function: STC(q) = 0.1 + 150q2; short run marginal cost function: SMC(q) = 300q; average variable cost function: AVC(q) = 150q. Show the short run equilibrium in this perfectly competitive market.
