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Suppose the market for lemonade is a competitive market.The prevailing market price is 10USD.A typical seller in the market has a cost function of:
C=q3-6q2+10q+100
Find its profit-maximizing output level.calculate her profit.
what is the lowest price a typical seller is willing to accept in the short run?explain with calculation.
Given the result in(a),what will happen to the market price in the long run?explain briefly in words.
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