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Consider a perfectly competitive firm with the following cost function: TC= 2(Q) 2 +1200 The firm sells its output for $104 per unit A.Find the

Consider a perfectly competitive firm with the following cost function:

TC= 2(Q)²+1200

The firm sells its output for $104 per unit

A.Find the profit-maximizing level of output.

B.Represent this problem graphically.Be sure to point out the optimal point and profit area on your graph.

C.Briefly describe what will happen to this firm/industry in the long run.

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