Please answer me in detail. Thank you.
Market demand curve is D(P)=400-5P.
P= SMC= 4Q
Q= P/4
This is the firm's supply function.
Market supply curve= 60*Q= 60*P/4= 15P
At equilibrium, supply= demand
15P= 400-5P
20P= 400
P= 20
Please answer me in detail. Thank you. Market demand curve is D(P)=400-5P. The oil drilling industry consists of 60 pro...
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