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Consider a firm manufacturing single product which is exclusive and not produced by rival companies.If a firm faces a demand curve given by Q =
Consider a firm manufacturing single product which is exclusive and not produced by rival companies.If a firm faces a demand curve given byQ= 400P-2and has total costs given byTC=0.625Q2,wherePdenotes the product price andQis the amount of product.What amount of product a firm should supply to the market to maximize its profits? What price the company will have to charge for the product? Provide explanation for given answers.
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