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Consider a perfectly competitive firm with the following total costs: TC = 120 +4q^2 The corresponding marginal cost is given by: MC = 8q a.If

Consider a perfectly competitive firm with the following total costs:

TC = 120 +4q^2

The corresponding marginal cost is given by:

MC = 8q

a.If the market price is $64, how much output will the firm produce?(6 points)

b.At a market price of $64, what is the firm's profit?(6 points)

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