(Answered) 1 suppose that each firm in a perfectly competitive market

Engineering

1. Suppose that each firm in a perfectly competitive market has a cost of TC = 75 + 500Q - 5Q² + 0.5Q³

a) Determine if this is a short-run or long-run cost function (motivate):

b) Calculate the output that minimizes the firm's AVC.

c) What is the firm's shutdown price?

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