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The market structure of Red Raider Gear is best characterized by monopolistic competition. Red ...

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The market structure of Red Raider Gear is best characterized by monopolistic competition. Red ...

The market structure of Red Raider Gear is best characterized by monopolistic competition. Red Raider Gear is one of the producers in this market. The demand for Red Raider Gear is: Qd = 50 - P  P = 50 - Qd. The resulting marginal revenue curve is MR(Qd) = 50 - 2 Qd. The Red Raider Gear cost function is C(Q) = (1/8)Q2 + 555.56. Therefore we have MC (Q) = 0.25Q. Determine the profit maximizing level of output and the price charged to customers for Red Raider Gear. Is this a long-run equilibrium?

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Microeconomics

Edition: 8^th

Author: Pindyck

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