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Consider a perfectly competitive market with an infinite number of firms. Each firm has the following long-run average cost function: AC = q2 - 4q + 6, where q is produced quantity.
a) Derive the marginal cost function of the firm.
b) Plot the MC and AC curves in a figure.
c) Derive the quantity produced by each firm in the long-run equilibrium.
d) What is the long-run equilibrium price?
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Give a definition of Pareto Optimal Allocation in this economy. Find out all Pareto optimal allocations and graph them in the Edge worth Box and also describe what is the theory of Second Best? Prove the theorem by using a diagram.
Describe and discuss the model of perfect competition and adopting strategies to gain market power in the competitive industries.
Does this production function exhibit constant returns to scale? Write down the production function in per
You're in Management for IBX Steel Components. J. D. Brotsky is a top labor leader and just announced that her union will go on strike against management unless you grant the workers a significant pay raise.
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