Suppose that there are 80 firms in a market,each with the following cost function:
C(q)= 100 + 4q²
a.Derive the short-run market supply curve.
b.Suppose the market demand is
QD = 1280 - 30p
Find the equilibrium market quantity and price.
c.How much output will each firm produce? How much profit is each firm making?
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