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Use the solution to the cost minimization problem to solve the profit maximization problem of this firm, assuming that the firm operates in a perfectly
Use the solution to the cost minimization problem to solve the profit maximization problem of this firm, assuming that the firm operates in a perfectly competitive market and the market price of the output sold is labeledp. Then do the following:
IfA = 10, r = 25, w = 4, F = 20and the market price isp = 24, determine this firm's supply of output q*.
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A. 90 B. 0 C. 30 D. 60
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