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Determine the equilibrium price for tortillas

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Reference no: EM131575132

Question - Assume the market for tortillas is perfectly competitive. The market supply and demand curves for tortillas are:

Supply: P = 0.000002Q;

Demand: P = 11 - 0.00002Q

SR marginal cost: MC = 0.1 + 0.0009Q     

Determine the equilibrium price for tortillas.

Determine the profit maximising SR equilibrium output for tortillas.

Reference no: EM131575132

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