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Tc= II .answer the following questions briefly (10 points). Question 1 and 2 based on the following information of hypothetical firm operating in perfectly competitive

Tc=

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II .answer the following questions briefly (10 points). Question 1 and 2 based on the following information of hypothetical firm operating in perfectly competitive market TC= Q3-21 Q2+ 600Q+1820 P = 600 mc= 3Q-42Q + 600 1. What is profit maximizing level of output for above hypothetical firm (3pt)? 1200 2. What is maximum of profit or minimum loss at optimum output level (3pt)

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