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Suppose there are 100 identical firms in an initially competitive market.market demand is given by P=10-Q/200 and market supply by P= 1+Q/200. find out the competitive equilibrium price P, the industry output Q and firm output q. If the 100 firms formed an effective cartel,what would be the price-quantity solution P1, Q1 for maximum aggregate profit?(assume that the industry supply curve is simply the horizontal sum of the firms' marginal cost curves). At this price, to what output quota q1 would the typical firm have to be limited? How much would it like to produce?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M953654

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