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A firm operating in a perfectly competitive industry has the following cost function TC=500+8Q+0.035Q^2 . Supply and demand function for the industry are as follows

A firm operating in a perfectly competitive industry has the following cost function TC=500+8Q+0.035Q^2.

Supply and demand function for the industry are as follows

Q1=8500+100P1

Q2=14500-300P2

Identify the situation to justify the existence of this firm

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