Essay
Suppose that most consumers who buy portable camping stoves buy the ones produced by Marshall and Blatt (M&b..Besides M&B,the portable stove market has a large number of smaller suppliers.The market demand curve for portable stoves is given by QD = 100 - 0.5P.The supply curve for all the other firms taken together is QS = 0.5P.M&B's total cost function has been estimated to be C = 5QM.Given that M&B sets output first,calculate how the total quantity supplied in the market is divided between M&B and the other firms.What is the price in the market?
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