Intermediate Microeconomics: A Modern Approach, Seventh Edition

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ECONOMICS 300 QUIZ 7 Spring 2005 PLEDGE:____________________________ NAME:______________________________ This is a take home quiz. It is due at the beginning of class on Friday, April 29. You may consult your notes and the book, but you may not consult any other source, be it your roommate, classmate, parent, websites, etc. Two-hundred firms operate in a perfectly competitive industry. Each has a total cost function of TC(q) = 50 + ½q 2 . The industry demand curve is: Q = 10000 – 50P a. What is the industry supply curve in the short run?
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