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How much economic profit does each firm in this market make

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Reference no: EM13156047

The market demand curve is: Q d = 800 - 8 P.

Given perfect competition, if this industry is in long run equilibrium:

a. Find the level of output produced by each firm.

b. Find the market price of the output.

c. Find the total industry output and the number of firms in the market.

d. How much economic profit does each firm in this market make?

 

Reference no: EM13156047

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