Firm operating in perfectly competitive markets

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The total costs of a firm operating in perfectly competitive markets are described by the function C(y) = y^2 + 40y + 250, where y denotes the quantity (units) of output Y produced by the firm. The market price per unit of output is 60 euros. Find the profit maximizing output level, the firms profits (or loss) and explain briefly (in max 1 or 2 sentences) whether it would be better for this firm to continue producing or to shut down its production in short-run? (Provide calculations for justification)

Reference no: EM131387172

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