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QUESTION
Suppose there are 100 identical competitive firms operating in the Frisbee industry. Each firm's total cost function is: TC=100+10q+2q^2.
Suppose there are 100 identical competitive firms operating in the Frisbee industry.
Each firm's total cost function is: TC=100+10q+2q^2.
a) If the price of a Frisbee is $18, at what level of output do firms maximize profits in the short run?
