Assume Demand: P = 10-Q TC = 3+ [Q+0.5*Q^2] MC = 1 + Q Find P,...

 

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Assume Demand: P = 10-Q TC = 3+ [Q+0.5*Q^2] MC = 1 + Q Find P, Q, Profits What if the market is opened, it is now competitive, and the price is the market price of $6. What are Q, P, Profits? Assume Demand: P = 10-Q TC = 3+ [Q+0.5*Q^2] MC = 1 + Q Find P, Q, Profits What if the market is opened, it is now competitive, and the price is the market price of $6. What are Q, P, Profits?

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To find the equilibrium price and quantity in a competitive market we need to equate the market dema... View the full answer