How number of firms in market affect each firms demand curve, Microeconomics

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How number of firms in market affect each firms demand curve

Consider a monopolistically competitive market with N firms. Each firm's business opportunities are described by the following equations:

Demand: Q=100/N-P
Marginal Revenue: MR=100/N-2Q
Total cost: TC=50+Q(squared)
Marginal Cost: MC=2Q

a. How does N, the number of firms in the market, affect each firms demand curve? Why.
b. How many units does each firm produce? (The answer to this and the next two questions depend on N.)
c. What price does each firm charge?
d. How much profit does each firm make?
e. In the long run, how many firms will exist in this market?

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Microeconomics: How number of firms in market affect each firms demand curve

Reference No:- TGS068495

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

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Microeconomics: How number of firms in market affect each firms demand curve

Reference No:- TGS068495

Recent Questions Asked Microeconomics

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Q : What amount should be reported as amortization expense

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