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Suppose that there are three identical firms in an industry and
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Suppose that there are three identical firms in an industry and that each firm?s supply curve is given by the equation P = 10 + Q. Furthermore, suppose that the market demand curve is given by P = 100 ? Q.

a. What is the market supply curve given the above information? (Hint: you might find it helpful to draw a sketch to guide your work here.)

b. What is the equilibrium price and quantity in this market?

c. Calculate the value of total revenue in this market.

 







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