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Suppose that the industry is not perfectly competitive. Rather, competition is characterized by Cournot competition with n symmetric producers. Suppose that the demand function for pigs is p=100-Q, where Q is total production. Each producer's marginal cost is 20 before the virus. The effect of the virus is to raise the marginal cost to 30. Discuss the effect of the virus on the equilibrium of the market. (Hint: Discover the Nash Cournot equilibrium before and after the virus).

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91225886

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