What is the value for variable costs

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A perfectly competitive industry has many identical firms, each of which has fixed costs = 2 and marginal cost given by MC = 2Qs. The mkt demand equation is: P=10-.1Qd and the mkt supply equation is: P= 2+.1Qs. What is the market equilibrium price and quantity? What is the optimum output for each of the firms when market is in equilibrium? What is the value for variable costs when each firm is producing its optimum output?

Reference no: EM132219790

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