Suppose that there are 100 identical firms in a market each, Business Economics

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Suppose that there are 100 identical firms in a market each

Suppose that there are 100 identical firms in a market. Each firm has a short-run marginal cost and average variable cost functions given by

SMC = 2+4Q

AVC = 2+2Q.

(a) Determine the supply function of each firm.

(b) Determine the market supply function.

(c) Suppose that the market demand function is given by P = 10 − 0.01Q. Calculate the market equilibrium price and quantity.

(d) Calculate the profit made by each firm.

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Business Economics: Suppose that there are 100 identical firms in a market each

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Business Economics: Suppose that there are 100 identical firms in a market each

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