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Determine the range of prices

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Reference no: EM131491625

A competitive firm has the following short-run cost function:

STC = q3 - 8q2 + 30q + 50

Determine the range of prices at which

a) The firm shuts down.

b) The firm incurs a loss but still stays in business.

c) The firm makes economic profit. Assume P = $30. Find the firm's profit-maximizing output and its profit.

 

Reference no: EM131491625

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