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Assume a competitive firm faces a market price of $70, a cost curve of
C = 0.003q3 + 50q + 750
and a marginal cost of:
Mc= 0.009q2 + 50.
The firm's profit maximizing output level isunits and the per unit profit at this output level is $.
This firm willin the short run The firm will realize. In the long-run, if circumstances do not change, this firm will.
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Assume a competitive firm faces a market price of $70, a cost curve of
C = 0.003q3 + 50q + 750
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