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QUESTION
Suppose that a competitive firm has a total cost function C (q) = 450 +15q + 2q2 and a marginal cost function MC (q) =15 + 4q.
Suppose that a competitive firm has a total cost function C (q) = 450 +15q + 2q2 and a marginal cost function MC (q) =15 + 4q. If the market price is P = $115 per unit, find the level of output produced by the firm. Find the level of profit and the level of producer surplus.
