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Consider a hypothetical perfectly competitive market for identical lunch boxes supplied to Monash students. All firms have TC=200+\frac12q^2, and market demand is
Q_D=600-10P. Firms face identical costs, and entry and exit are free in the long run. A fixed licence fee raises total cost to
TC=450+\frac12q^2. With 20 firms in the short run, equilibrium price is 20 and each firm produces 20. Find the magnitude of each firm's loss; enter a positive number.
Please enter a number only. If your answer is a decimal, round it to no more than two decimal places. Do not include spaces, commas, letters, or special characters such as dollar signs.
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