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undefined Consider a competitive firm with the short-run cost function C(q) 100 + 4q. The firm faces a market price of p for its output.

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Consider a competitive firm with the short-run cost function C(q) 100 + 4q. The firm faces a market price of p for its output. (a) What is the minimum value of p necessary for the rm to earn prots? Illustrate your answer on a diagram. (b) Below what value of p will the rm shut down in the short run? Illustrate your answer on a diagram. (c) Suppose a specic tax oft (t

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