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Problem # 1 The production manager of a clothing manufacturer estimates that the total annual cost of producing suits is given by the equation=10000+2003+0.02 a)

Problem # 1

The production manager of a clothing manufacturer estimates that the total annual cost of producing suits is given by the equation=10000+2003+0.02

a) If the market price of suits is constant, what is the short run shutdown level of output?

b) In the short run, what is the minimum price the firm can accept?

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