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Assume a firm is operating under perfect competition with the following total cost and demand curves: TC = 100 + 0.50 * Q2 P =
Assume a firm is operating under perfect competition with the following total cost and demand curves:
TC = 100 + 0.50 * Q2
P = 50
Find the equilibrium price and quantity.
Is the firm making a profit or loss?
Is this a long-run or short-run equilibrium?
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