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August 2, 2015

Homework Help: economics

Posted by adele on Friday, January 30, 2009 at 11:13am.

A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units. The minimum average cost is $10 per unit. Total market demand is given by Q=1500-50P.

a. What is the industry's long-run supply schedule?

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