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5. Consider the following information for Rancher John: VC = 40q+q (a) If the market price is $150, calculate the output level for Rancher

5. Consider the following information for Rancher John: VC = 40q+q (a) If the market price is $150, calculate the output level for Rancher John in the short run. (b) If total fixed cost is $8000, should Rancher John shut down or continue to produce in the short run? Explain your decision.

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