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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 + Q2
a. If there are 5 firms in this market, what price does each charge? (Answer is a whole number.)
b. If there are 5 firms in this market, how many does each produce? (Answer is a whole number)
c. If there are 25 firms in this market, what price does each charge? (Answer is a whole number.)
d. If there are 25 firms in this market, how many does each produce? (Answer is a whole number.)
What difference does it make, if any, if technology is moving very fast in the market so that this game proves to be one-time-only simultaneous play?
Substituting this value into the price elasticity of demand formula we obtain ∈=
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