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Title: The market structure of the local boat industry is best characterized by monopolistic competition. ... Post by: nakungth on Oct 25, 2017 The market structure of the local boat industry is best characterized by monopolistic competition. Homer's Boat Manufacturing is one of the producers in the local market. The demand for Homer's Boats is:
Qd = 5000 - P P = 5000 - Qd. The resulting marginal revenue curve is MR(Qd) = 5000 - 2 Qd. Homer's cost function is: C(Q) = 3 Q2 MC(Q) = 6Q. Determine Homer's profit maximizing level of output and the price charged to customers. Is this a long-run equilibrium? Title: Re: The market structure of the local boat industry is best characterized by monopolistic ... Post by: boransal on Oct 25, 2017 Content hidden
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