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Please show all work and thanks a ton Due: April 3rd, 2022 Problem 1 Let's assume you've been given the following market functions: QD =

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Please show all work and thanks a ton

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Due: April 3rd, 2022 Problem 1 Let's assume you've been given the following market functions: QD = 40 - 2p Qs = -5+p Also assume that all firms face the following total cost function: TC = 32 + 4q + 0.592 (a) What is the price in this market? (b) Find the average total cost, average fixed cost, average variable cost, and marginal cost. (c) Let's assume the firm is in the short-run. Find the optimal quantity that each firm produces. (d) What is their profit at this point? (e) Now, let's assume we are in the long-run. Using your answers in part b, calculate each firm's quantity, and what price each firm needs to get to stay in the market. (f) What is their profit at this point

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