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7. A firm in a perfectly competitive market has a total cost function of TC (Q) = 3 + 3Q + 2Q2, and the market
7. A firm in a perfectly competitive market has a total cost function of TC (Q) = 3 + 3Q + 2Q2, and the market price for its product is $9 per unit. 7.1. (5 points) What is the firm's average fixed cost, as a function of Q? 7.2. (5 points) What is the firm's average variable cost, as a function of Q? 7.3. (5 points) What is the firm's marginal cost, as a function of Q? 7.4. (5 points) What level of output will the firm produce in the short run? 7.5. (5 points) What amount of producer surplus does the firm receives in the short run? 7.6. (5 points) How much profit will the firm earn in the short run
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