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What is the short-run market supply curve

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The industry currently consists of 20 producers, all of whom operate with the identical short-run total cost curve STC(Q)= 16+Q2, where Q is the annual output of a firm. The market demand curve is D(P) =110- P, where P is the market price. (20 points)

a) Assuming that all of each firm has 16 TL fixed cost, what is a firm's short-run supply curve?

b) What is the short-run market supply curve?

c) Determine the short-run equilibrium price and quantity in this industry.

Reference no: EM132500530

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