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If there are 12 identical firms in industry and market

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Suppose each firm operating in a perfectly competitive market structure has a total variable cost TVC(Q) = 40Q + 0.5Q2. Each firm's fixed costs are equal to 50.

a. Determine the price below which the firm will not produce any output in the short run.

b. If there are 12 identical firms in this industry and the market demand curve is given by QD = 360 - 2P, what is the short-run equilibrium price?

Reference no: EM13390512

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