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QUESTION 4 A firm is in a perfectly competitive industry where the market price for its product is $35 The firm's cost function is: TC

QUESTION 4

  1. A firm is in a perfectly competitive industry where the market price for its product is $35

The firm's cost function is:

TC (Q)=625+10Q+0.05Q 2

  1. Calculate the profit maximizing quantity for this firm

QUESTION 5

  1. Continuing from the previous question

What price will the firm charge?

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