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Unformatted text preview: PADP 6950 Fertig Fall 2011 UGA Homework 6 Due October 19, 2011 Suppose the total cost of producing widgets can be described by Y=10X2+100X+500 where Y is the total costs per year and X is the number of widgets. a. Draw the marginal cost curve, the average total cost curve, and the average variable cost curve. b. In a competitive market place, how much would the firm produce and what would be its level of profit if price were equal to $300? c. What is the lowest price at which the firm is willing to produce in the long run? ...
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- Spring '11