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Consider the following table. The price of the product is $3. Quatitity Total cost 0 $102 114 126 138 1510 2112 2914 39
a. Calculate profit for each quantity. How much should the firm produce to maximize profit?
b. Calculate marginal revenue and marginal cost for each quantity. Graph them. At what quantity do these curves cross? How does this relate to your answer to part (a)?
c. Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium?
Yoshi is taking the first 75-minute midterm exam for Econ 101. The exam consists of 15 binary choice questions and 20 multiple choice questions. What is Yoshi's opportunity cost of solving one binary choice question
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