If three producers offer the same product in the market, their supply functions are: S1(p)=p; S2(p)=p-2; S3(p)=2p?8
a. What is the supply function for this product in the market?
b. If the demand function is D(p)=10, what is the market price? How much does each of them produce?
c. If this good is a Giffen Good, with demand function: D(p)=(9/4)p?(5/4), repeat part b.
This question was answered on: May 23, 2022
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