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Write down the firm total cost function

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Reference no: EM132271781

A price-taking firm has marginal cost MC = 20 + 10q, average variable cost AVC = 20 + 5q, and fixed costs of 500, where q refers to the output of the firm.

a. Write down the firm's total cost (TC) function.

b. What is the firm's profit-maximizing output if the market price is 100?

c. Is the firm making (economic) profit?

Reference no: EM132271781

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