The demand for cigarettes is given by Figure 1 P= 550 - 0.2Q. Cigarettes are manufactured at a constant marginal cost of 50 and sold in a competitive Price 650, 600 market. 550 What is the quantity of cigarettes sold in equilibrium? 500 450- OPrivate =U 400- 350- 300 250 200- 150 100- 50- 0- 400 800 1200 1600 2000 2400 28o0 3200 Output

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