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4 Cost Curves [14 pts] Assume that the price of a good in a perfectly competitive market is $26. Consider a firm in the perfectly

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4 Cost Curves [14 pts] Assume that the price of a good in a perfectly competitive market is $26. Consider a firm in the perfectly competitive market that faces the following costs Variable Cost Fixed Cost Total Cost: TC = 18 + 10q+ 3 Marginal Cost: MC = 10+ 92 a. [2 pts] Write the equations for the AVC and ATC. b. [2 pts] What is the marginal revenue of the firm? c. [2 pts] What is the profit maximizing quantity the firm should produce?

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