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3.Suppose that a perfectly competitive firm has the following total cost. TC = Q 3 - 4.5Q 2 + 57Q + 2 Where Q represents
3.Suppose that a perfectly competitive firm has the following total cost.
TC = Q3 - 4.5Q2 + 57Q + 2
Where Q represents output and TC represents total cost.
(a) Calculate the long run equilibrium price and output.
(b) Calculate the quantity that minimizes marginal cost.
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