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What is the long-run price established in the market

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Reference no: EM13877366

Assume all firms operating in a competitive market have the following total cost function: TC = 2Q2- 8Q + 60

(a) What is the long-run price established in the market?

(b) Show that at the long-run price the total revenue line is tangent to the total cost curve.

Reference no: EM13877366

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