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Two firms constitute the entire doghouse industry. One has the long-run cost function c1(y) = 3 + (4y^2)/3 for y > 0 and c1(0) = 0, and the other has the long-run cost function c2(y) = 10 + (y^2)/10 for y > 0 and c2(0) = 0. If no new firms can enter the industry, show that at price p = 3 only one firm will operate.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91673319

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