13. Suppose TC is given by TC = 16 + Q2 . This implies that MC is...
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13. Suppose TC is given by TC = 16 + Q2 . This implies that MC is MC = 2Q.
a. Give the formula for ATC.
b. If the market price were $5, how many units of output would this firm want to supply?
c. What will the price be in the long run?
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