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All firms in a Cournot monopolistically competitive industry have the same cost function C (q)= 25 + 10q. Market demand is Q = 110 - p.
(i) Calculate the equilibrium price, firm output, total output and number of firms in the industry.
(ii) How would these values change if a franchise tax of $75 were imposed on each firm?
(iii) What if a technical innovation were to reduce unit production costs to $5?
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