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Birdbaths are produced in a perfectly competitive market. Each identical firm has a short run total cost function equal to SRTC = 200 + 20q

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Birdbaths are produced in a perfectly competitive market. Each identical firm has a short run total cost function equal to SRTC = 200 + 20q + 0.5q, where q is the number of birdbaths produced by the firm. The market price for each birdbath is equal to $30. Show your work to receive full credit. a) Define and graph the firm's short-run marginal cost (SRMC) and marginal revenue (MR) curve. Calculate and mark the profit-maximizing q. b) Write the equation for the short-run average total cost curve (SRATC) and solve for its value evaluated at q* (SRATC*). Draw the SRATC and mark SRATC* on your graph from part (a). c) Calculate the firm's economic profit when they produce at q. Shade the area the represents profit on the graph you drew above

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