Economics Question

timer Asked: Nov 23rd, 2016

Question description

Assume that the industry for flour tortillas in Denver is perfectly competitive. There are 200 firms. 75 of the firms are “high-cost,” with short-run supply curves QHC = 5P, while the others are “low-cost,” with short-run supply curves QLC = 8P. Quantities are measured in dozens of tortillas and prices in dollars. How do you derive the short-run industry supply curve for tortillas?

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