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A perfectly competitive firm faces the short-run total cost: TC=100+q 2 , and its corresponding marginal cost is given by MC=2q. a. If the market

A perfectly competitive firm faces the short-run total cost: TC=100+q², and its corresponding marginal cost is given by MC=2q.

a. If the market price is $60, how much output will the firm produce? (5 pts)

b. Find the firm's profits at this level of output. (5 pts)

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