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8. In a competitive market, the current equilibrium price is $70 per unit. A representative competitive firm has a short-run Total Cost (TC) given by

8. In a competitive market, the current equilibrium price is $70 per unit. A representative competitive firm has a short-run Total Cost (TC) given by TC=500+10Q+3Q2. How many units should the firm produce? How much profit does it make? (5pts)

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