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7. Problems and Applications Q7 Consider a monopolistically competitive market with N firms. Each firm's business opportunities are described by the following equations: Demand: Q=240N−P Marginal Revenue: MR=240N−3Q Total Cost: TC=100+Q2 Marginal Cost: MC=3Q As N rises, the demand for each firm's product . How many units does each firm produce? 40N 40 40N 1,440N What price does each firm charge? 240N 200N 200N 280N How much profit does each firm make? 6,400N2−100 9,600N2−100 100+1,600N2 8,000N2 In the long run, firms will exist in this market.
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7. Problems and Applications Q7 Consider a monopolistically competitive market with N firms. Each fi...
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