revenue?
i) How much is the total cost for this firm in the short-run equilibrium?
i) In the short run, is the firm making economic profit or suffering loss? H
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Explanation:
More precisely, a short run competitive equilibrium consists of a price p and an output yi for each firm i such that, given the price p, the amount each firm i wishes to supply is yi and the sum iyi of all the firms outputs is equal to the total amount Qd(p) demanded. y = ys(p) and ny = Qd(p).
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