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Business, 22.06.2019 20:10 aj12381

Consider a typical firm in a competitive market with cost funciton beingc(q) = 1 3 q 3+q+10. (a) derive average cost (ac), average variable cost (avc) and marginal cost (mc). (b) find the supply function. (c) assume that the price of the product is $10. find the level of output that maximize the profit and maximized profit. (d) assume that the market demand function is q = 30 − 2p, find the equilibrium price and quantity in this market.

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Consider a typical firm in a competitive market with cost funciton beingc(q) = 1 3 q 3+q+10. (a) der...
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