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When market price is 40, break-even level of output is ten

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A competitive firm has the following quadratic cost function: TC = aQ2+ bQ + 100 ,Determine a and b if the following two conditions are satisfied:

I. When the market price is 60, the profit maximizing level of output is 15.

II. When the market price is 40, the break-even level of output is 10.

Reference no: EM13877359

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