Calculate the marginal cost for each firm in the industry

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The following are the demand and supply functions for a product produced by an industry of perfect competition that includes 100 firms:

Qd = 6600 - 12P,
Qs = 1600 + 13P1.

(a) What would be the market price for the product and the equilibrium output for the industry?

(b) Calculate the marginal cost for each firm in the industry.

(c) What would be the market share for each firm in the industry?

Reference no: EM131287719

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