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1)Suppose a firm sells its output for P=20 - Q/1000 Where Q is the quantity it produces and sells.Total costs is given by TC=5000+4Q What

1)Suppose a firm sells its output for

P=20 - Q/1000

Where Q is the quantity it produces and sells.Total costs is given by

TC=5000+4Q

What is the profit maximizing value for production?At what price is this product sold for?Use the MR=MC approach at the end of the question.

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