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Question: Consider a competitive market served by many domestic and foreign firms. The domestic demand for these firms' product is Qd = 600 - 2.5P. The supply function of the domestic firms is QSD = 200 + 1.5P, while that of the foreign firms is QSF = 200.
Instructions: Round your answers for equilibrium price to the nearest penny (two decimal places). Round your answers for equilibrium quantity to one decimal place.
Determine the equilibrium price and quantity under free trade.
The situation is the same as in 1, except that the extraction costs per liter are different every period and now they given by; c1=$10, c2=$20 and c3=$200. What are the optimal extraction plan and the present value of the profit
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List and describe the variables , other than price, thet cause a shift in the supply curve
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