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Suppose there are 1000 identical wheat farmers.

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Suppose there are 1000 identical wheat farmers. For each, TC = 10 + q2 and MC = 2q. Market demand is Q = 600,000 - 100p. Derive the short-run equilibrium Q, q, and p. Does the typical firm earn a short-run profit?

 

Paper#29372 | Written in 18-Jul-2015

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