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Model of perfect competition

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In the model of perfect competition, all firms are price-takers since they treat price as a market determined constant. Firm Perfcomp's total revenue function is TR (Q) = P. Q, in which P equals the output price. Assume that P = 12 and the total cost function is TR(Q) Q - 4.50Q + 18Q - 7

Reference no: EM132012633

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