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Should the competitive firm produce

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Competitive Firm

Suppose the competitive market price is $50, and a competitive firm’s total costs = 5q2 - 10q + 150 and marginal cost = 10q - 10.

a. Solve for the profit-maximizing (or loss minimizing) quantity (q*).

b. What is the market equilibrium price?

c. Should the competitive firm produce q*? Explain why using one of the four key questions and solutions.

d. Does the competitive firm make a profit? Explain why using one of the four key questions and solutions.

e. How much profit (or loss) does the competitive firm make?

Reference no: EM131097462

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