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A competitive market has an inverse market demand given as P = 75 - Q and inverse market supply given as P = 3Q +

A competitive market has an inverse market demand given as P = 75 - Q and inverse market supply given as P = 3Q + 15. Each identical firm has

MC = 3q and ATC = 1.5q (Assume p > min AVC)

a. Calculate each firm's short-run profit. Show the short-run profit in a graph.

b. Calculate each firm's long-run profit.

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