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A firm produces a product in a competitive industry and has a total cost function (TC) of TC(q)=90+8q+2q2  and a marginal cost function (MC) of  MC(q)=8+4q.

At the given market price (P) of $18, the firm is producing 2.50 units of output.

Is the firm maximizing profit? YES or NO

What quantity of output should the firm produce in the long run?

The firm should produce____unit(s) of output.

Microeconomics, Economics

  • Category:- Microeconomics
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