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Assume a competitive firm faces a market price of $60, a cost curve of:C =0.003q^3 + 25q + 750, and marginal cost curve of: MC

Assume a competitive firm faces a market price of

$60,

a cost curve of:C =0.003q^3 + 25q + 750,

and marginal cost curve of: MC = 0.009q2 + 25.

Part 2The firm's profit maximizing output level (to the nearest

tenth) is units,

and the profit (to the nearest penny) at this output level is

Part 3 In this case, firms will

enter or not enter?

.

This will cause the market supply to

shift left or right

.

This will continue until the price is equal to the minimum average cost of

(round your answer to the nearest penny).

At this price level the profit will be unknown, zero

.

A

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