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Question: A firm's total cost and marginal cost functions are:
TC = 10 Q2 + 2Q-2; MC = 20 Q + 2
Assume that the market price is 42 and that the marginal revenue (MR) is also 42 (it is constant at all output levels).
A) The firm is currently producing 1 units of output. What are profits (or losses) for this firm?
B) Are they maximizing profits? Why?
C) If your answer to part B was No, what would be the maximun profits?
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