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Arm produces a product in a competitive industry and has a total cost function (TC) of TC(q) = 70 +10q + 2q2 and a marginal
Arm produces a product in a competitive industry and has a total cost function (TC) of TC(q) = 70 +10q + 2q2 and a marginal cost function (MC) of MC(q)=10 + 4q. At the given market price (P) of $16. the firm is producing 5.00 units of output. Is the firm maximizing prot? El. What quantity of output should the firm produce in the long run? The firm should produce |:| unit(s) of output. (Enter your response as an integer.)
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