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Unformatted text preview: (c) At what output levels does the MC curve cross the AC and the AVC curves? (d) Use calculus to show that the MC curve must cross the AVC at its minimum point. 3. Each rm in a competitive market has a cost function of C = 16 + q 2 . The market demand function is Q = 24-p . Determine the long-run equilibrium price, quantity per rm, market quantity, and number of rms. 1...
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- Fall '09