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April 16, 2014

Homework Help: economics

Posted by jennifer on Saturday, November 3, 2007 at 3:32pm.

The hand made snuffbox industry is composed of 100 identical firms, each having short-run total costs given by
STC=0.5q^2+10q+5 and short-run marginal costs by SMC=q+10 where q is the output of snuffboxes per day.

a. What is the short-run supply curve for each snuffbox maker? What is the short-run supply curve for the market as a whole?
b. Suppose the demand for total snuffbox production is given by Q=110-50P What is the equilibrium in this marketplace? What is eachfirms total shortrun profit?

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