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Suppose a single firm produces all of the output in a contestable market. The market inverse demand function is P = 250 -5 Q ,

Suppose a single firm produces all of the output in a contestable market. The market inverse demand function isP= 250 -5Q, and the firm's cost function isC(Q) = 6Q. Determine the firm's equilibrium price and corresponding profits.

Price: $

Profits: $

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