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Suppose consumers see haircuts as an undifferentiated good and that there are hundreds of barbershops in the market. The market price of a haircut is

Suppose consumers see haircuts as an undifferentiated good and that there are hundreds of barbershops in the market. The market price of a haircut is $15. Tim's barbershop has a daily short-run total cost given by TC= 45+0.25Q2 . The associated marginal cost curve is MC=0.5Q

How many haircuts should Tim give a day if he wants to maximize profits?

If the firm maximizes profits, how much profits will it earn each day?

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