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what is the short-run profit-maximizing output that each firm should produce, and compute operating profits and total profits

The market for a type of carpet known as KS-12 is perfectly competitive. Suppose that all firms have the
following total cost and marginal cost functions: TC = 400,000 + 0.001q2
MC = 0.002q,
where q is output (measured in yards) per time period. The price is currently \$20 per yard. 1. (30 points) Find the short-run profit-maximizing output that each firm should produce, and compute operating
profits and total profits. Explain and show your calculations.

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