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Suppose a firm is operating under a competitive market conditions and the going price for its product is $260.

2. Suppose a firm is operating under a competitive market conditions and the going price for its
product is $260. If the firm’s short run Total Variable Cost (TVC) function is

TVC = 80Q – 6Q2 + 0.2Q3
Total fixed is cost = $1000

What is the firm’s profit maximizing output? How much profit will the firm make? (30 pts)

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