Determine how much do individual firms produce

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Industry X has a market demand curve given by the equation P = 100 - Q/100, where P is the market price, and Q is industry-wide output.100 perfectly competitive firms currently operate in industry X. Each of these firms has a total cost function given by TC = 100 +10q + q2, where q is the output of the individual firm.

What is the market output in the short run? What is the market price? How much do individual firms produce? Do firms earn economic profits?

Reference no: EM13204145

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