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All firms operating in a competitive market have cost functions: C(Q) = 16 - 3Q + Q^2 where their marginal costs are: MC(Q) = -3 + 2Q The average total cost is: ATC(Q) = 16Q - 3 + Q.
a) The firm is currently in the short-run, where price is: P=$9. Solve for each firm's profit-maximizing level of output, Q*.
b) How much profit does each firm make in the short-run? Will firms enter or exit the market in the long-run?
c) Solve for the profit maximizing level of output of each firm in the long-run. (hint: each firm earns zero profit in the long-run...)
d) What price results in the long-run?
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View "Trade-Offs and Opportunity Costs," located on the YouTube website. Share an example of your own experience in which you had to decide on an opportunity cost that would affect you. What outcome did the decision have on your economic situation?
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