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What is the long run price established in this market

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Reference no: EM13877229

A firm operating in a competitive market has the following quadratic total cost function

TC = 10Q2+ 5Q + 400
If the market price of the good is $165 per unit.

(a) What is the firm's profit maximizing level of output? What is its profit?

(b) What is the long run price established in this market?

(c) What is the output and profit of the firm at the long run price?

Reference no: EM13877229

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