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The questions are shown in pic 5. 5. (15 marks) Consider a rm whose total cost function is q3 {Euq2 + 13q. a. If the

The questions are shown in pic 5.

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5. (15 marks) Consider a rm whose total cost function is q3 {Euq2 + 13q. a. If the price of a unit of output is $13, what is the profitmaximizing value of q? b. Find the average cost function of the firm? What is the firm's minimum average cost? c. What is the equilibrium price of output? How much does each rm produce at equilibrium price? What is each firm's profit at the equilibrium price

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