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    Suppose that there are 100 identical firms in the market and that each of these firms face a total cost function. What is the equation of the market supply curve? Show your work. D. Determine the output that maximizes profit or minimizes losses in the short-term under the assumption of perfect competition.

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    Suppose that there are 100 identical firms in the market and that each of these firms face a total cost function. What is the equation of the market supply curve? Show your work. D. Determine the output that maximizes profit or minimizes losses in the short-term under the assumption of perfect competition.

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    44 views1 page

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    Uploaded by

    dhondu123
    Suppose that there are 100 identical firms in the market and that each of these firms face a total cost function. What is the equation of the market supply curve? Show your work. D. Determine the output that maximizes profit or minimizes losses in the short-term under the assumption of perfect competition.

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    3. The market demand curve in a competitive market is given by .

    Suppose that there are 100 identical firms in the market and that each of these firms face a total cost function

    a. What is the marginal cost function for this firm? Show your work. b. Assuming that each of these identical firms participates in the market at all levels, what is the equation of the market supply curve? Show your work. c. What is the competitive market price? Round to two decimal places if relevant. Show your work. d. Determine the output that maximizes profit or minimizes losses in the short-term under the assumption of perfect competition. Round to two decimal places if relevant. Show your work.

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