Suppose there are 1000 identical wheat farmers. For each, TC = 10 + q2. Market demand is

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Suppose there are 1000 identical wheat farmers. For each, TC = 10 + q2. Market demand is Q = 600,000 - 100p. Derive the short-run equilibrium Q, q, and p. Does the typical firm earn a short- run profit?

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Microeconomics

ISBN: 978-0132857123

8th edition

Authors: Robert Pindyck, Daniel Rubinfeld

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Question Posted: Aug 05, 2013 03:43 AM

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Suppose there are 1000 identical wheat farmers. For each, TC = 10 + q2. Market demand is

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MC of each firm 2q This is also supply curve of ...View the full answer

Microeconomics

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