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A firm has a long-run cost function C1(y) = y^3 - 10y^2 + 30y.
1) Derive the firm's long-run average cost function
2) Derive the firm's long-run marginal cost function
3) Find the level of production with the lowest average cost
4) What is the long-run supply for this firm?
5) If the market price is p= $18, how much would the firm decide to produce?
Calculate the profit of the firm when the market price is p = $18
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