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Numerical

/in /by

Question

fill in the blank question: Suppose a perfectly competitive firm has

the marginal cost function of MC = 3Q. The market price is given by P = $45. How many units of output will the firm produce? (Just enter your numerical answer – no symbols, units, or text).

Numerical fill in the blank question: Suppose that at this same firm’s profit-maximizing level of output, average costs are ATC = $39. What are the firm’s total profits earned? (Just enter your numerical answer – no symbols, dollar signs, units, or text)

 
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