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Suppose There are 100 identical firms in the perfectly competitive note card industry. Each firm has a short-run total cost curve of the form: STC = 1/300q3 + 0.2q2 + 4q + 10 and marginal cost is given by SMC = 0.01q 2 + 0.4q + 4
a) Calculate the firm's short run supply curve with q (the number of crates of note cards) as a function of market price (P).
b) Calculate the industry supply curve for the 100 firms in this industry.
c) Suppose market demand is given by Q = -200P + 8,000. What will the short-run equilibrium price-quantity combination?
d) Suppose everyone starts writing more research papers and the new market demand is given by Q = -200P + 10,000. What is the new short-run price-quantity equilibrium? How much profit does each firm make?
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