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Economics 160 Spring 2017 Gallet Homework #3 consider a firm in a monopolistically competitive market The firms demand representative depends on the number of firms in the market. That is, the firms (written inverse form) is P 200-n where P is the price charged by the firm, n is the number of firms in the market, and q is the firms production/sales. Suppose further that the firms long run total cost is constant at 100, thus making long run average cost equal to TC/q 100/q and marginal cost equal to 0. Hint: Marginal revenue can be written as MR-200 n-2q. A. Suppose that the number of firms in the market is 10. Determine the price and quantity that this representative firm should set to maximize its long run profit. B. In long run equilibrium, a sufficient number of firms will exist such that firms earn zero (economic) profit. Determine the number of firms, as well as the price and quantity of this respective firm, coinciding with the long run equilibri
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