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Suppose that the total cost of producing pizzas for the typical firm in a local town is given by: C(q) = 2q + 2q2. Thus, marginal cost is MC = 2 + 4q. (a) Show that the competitive supply behavior of the typical pizza firm is given by: q = P/4 . (b) If there are 60 firms in the industry each acting as a perfect competitor, show that the market supply curve is in inverse form given by P= 2+Q/15.

Microeconomics, Economics

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