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Consider a small watchmaker. Assume the market for watches is perfectly competitive. The watchmaker has no fixed costs, so if he does not produce any

Consider a small watchmaker. Assume the market for watches is perfectly competitive. The watchmaker has no fixed costs, so if he does not produce any watches in a year, he has a cost of zero. The annual cost of making watches is given by the following function: c(y)=y3310y2 200y , where y stands for the number of watches manufactured in a year

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