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An industry consists of many identical firms, each with the short-run cost function: c(y)=80+25y6y^2 +y^3 1. Derive the average cost, average variable cost, and marginal

An industry consists of many identical firms, each with the short-run cost function: c(y)=80+25y6y^2 +y^3

1. Derive the average cost, average variable cost, and marginal cost curves of a firm.

2. Compute the outputs at which the , , and curves reach their minimums.

3. What is the shut-down price level for a firm?

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