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Question

A competitive firm's cost function is ( ) = 100 + 10 − 2 + 1 3 3 .

a. What is the profit maximizing condition of the firm?

b. What is the minimum price below which the firm will not operate in the short run?

c. What is the equation of the SR supply curve? d. What is the quantity that the firm will supply when the market price is 25?

Step-by-step answer

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