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Given a perfectly competitive firm in the output market where: P0 = exogenous price, C(Q) = cost function where: C' > 0, C'' > 0.
(a) State the firm's profit function in terms of Q.
(b) Find the F.O.C. that maximizes profits at Q*.
(c) Interpret the F.O.C.
(d) Find the S.O.C. that maximizes profits at Q*.
(e) Interpret the S.O.C.
(f) Find dQ*/dP0 using the implicit function rule on the F.O.C.
(g) Interpret the derivative in (f) economically.
How would each of the following affect the firm's marginal, average, and average variable cost curves?
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