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What is the market long run price

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Reference no: EM13877260

The variable cost function of a competitive firm is given by VC = Q3- 40Q2+ 1600Q Assume the firm's fixed cost is $1,500.

(a) If the market price for a unit of Q is $1,400, determine the firm's profit maximizing level of out and its profit.

(b) What is the market long run price?

(c) What is the firm's shutdown price?

Reference no: EM13877260

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