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What is the firms shutdown price

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Problem #1 Complete the following table and identify the quantity that maximizes profit.

Problem #2 Suppose that each firm in a perfectly competitive market has a short-run total cost of TC = 75 + 500Q - 5Q2 + 0.5Q3, where MC = 500 - 10Q + 1.5Q2.

a. Calculate the output that minimizes the firm's AVC.
b. What is the firm's shutdown price?

Reference no: EM132754967

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