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QUESTION
Suppose a representative firm in a perfectly competitive market has short-run total costs of TC = 0.5q^2 +7q a) Find the firm's short-run supply...
1. Suppose a representative firm in a perfectly competitive market has short-run total costs of TC = 0.5q^2 +7q
a) Find the firm’s short-run supply curve.
b) Find the market supply curve if there are 200 firms in the industry.
