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Inverse market demand for strawberries

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Suppose the inverse market demand for strawberries is given p = 7 - 0.0015Q. In the short run there are 100 identical strawberry producers in the market. Draw in the market demand curve on the right panel below. Use the diagram to calculate profits for each firm. Assuming market demand remains stable at p = 7 - 0.0015Q, calculate the number of firms that will operate in the long run competitive equilibrium.

Reference no: EM131229935

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