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Business, 26.02.2020 21:19 oliviaberta91

Suppose that the total cost of producing pizzas for the typical firm in a local town is given by: C(q)=2q+2q2. In turn, marginal cost is given by: MC = 2 + 4q. (If you know calculus, you should be able to derive this expression for marginal cost.)

a. Show that the competitive supply behavior of the typical pizza firm is described by: q = P − 1 .

behavior of the typical pizza firm is described by: q = P/4 − 1/2 .

b. If there are 100 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/25.

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