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QUESTION
Analyse the two following situations for forms in competitive markets: a) suppose tha TC =100 +15Q, where TC is total cost and Q is the quantity...
Analyse the two following situations for forms in competitive markets: a) suppose tha TC =100 +15Q, where TC is total cost and Q is the quantity produced. What is the minimum price necessary for this fi to produce any output in the short run? B) suppose that MC=4Q, where MC is marginal cost. The perfectly competitive form maximizes profits by producing 10 units of output. At what price does it sell these units?
