What is the minimum price at which the firm would be willing

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Reference no: EM13156550

A competitive firm has total cost function c(y)=5y^2+1,125.

a) calculate the firms marginal and average cost functions.

b) Draw the marginal and average cost functions on a graph.

c) What is the minimum price at which the firm would be willing to supply a positive amount of output in the short run? Label this on your graph.

d) Write down the firm's short run supply function.

Reference no: EM13156550

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