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Question 3: A competitive industry consists of identical 100 producers, all of whom operate with the...

Question 3:
A competitive industry consists of identical 100 producers, all of whom operate with the identical short-run total cost curve TC(Q)=40+2Q2TC(Q)=40+2Q2, where QQ is the annual output of a firm. The market demand curve is QD=300−50PQD=300−50P, where PP is the market price.
What is the each firm's short-run supply curve?
What is the short-run industry supply curve?
Determine the short-run equilibrium price and quantity in this industry.

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