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Assume the demand and supply functions for a competitive market is given as Qd=7500-40P Qs= -4500 +80P Assume all firms operating in this market have

Assume the demand and supply functions for a competitive market is given as

Qd=7500-40P Qs= -4500 +80P

Assume all firms operating in this market have the same cost structure with the marginal cost function for a typical firm given as

MC=2Q^2-10Q+78

a) Determine a firm profit maximizing level of output.

b) What is the market equilibrium total output?

c) If the fixed cost of a firm is $100, determine its profit.

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