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Equilibrium price-equilibrium quantity

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Short-run marginal costs for firms "A", "B" and "C" are given by SMC = 2qA, SMC = 4qB andSMC = 2qC respectively. Assume that these firms behave under the rules of perfect competition.Using diagrams, derive the market supply curve for this industry. Market demand is given by D= 120 - 2.75p. Solve for equilibrium price, equilibrium quantity and the quantity supplied byeach firm.

Reference no: EM131334445

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