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CHAPTERS 6/7: THE PRODUCTION PROCESS: THE BEHAVIOR OF PROFIT MAXIMIZING FIRMS/SHORT RUN COSTS AND OUTPUT DECISIONS Problem 1: Profit Maximization TR TC / TQ TR

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CHAPTERS 6/7: THE PRODUCTION PROCESS: THE BEHAVIOR OF PROFIT MAXIMIZING FIRMS/SHORT RUN COSTS AND OUTPUT DECISIONS Problem 1: Profit Maximization TR TC / TQ TR Q Profit The total cost function is: TC = 10+5q-3q-+1/3q' The total revenue function is: TR = 2.25 q Determine the quantities associated with point A, E and F as well as the associated profits (Round to first decimal). 26

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