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3. (20 total points) Suppose in the short run a perfectly competitive firm has variable cost = 4q2, and MC = 8q where q is the quantity of output produced. Also, the firm has fixed cost F = 144. Suppose the market demand is given by P = 336 - 3Q where Q is the market quantity produced by all the firms. Assume there are n identical firms in the market. So Q = q*n. Find n (the number of firms). n = 16 Can anybody explain why n=16?
Q = 70 – 3.5P – 0.6M + 4Pzwhere ˆQ is the estimated number of units of good X demanded, P is the price of the good, M is income, and Pz is the price of related good Z. (All parameter estimates are statistically significant at the 1 percent level.)
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