What is the profit-maximizing output for each firm

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Reference no: EM131107991

Suppose that there are 1,000 firms in a perfectly competitive industry, each with a short-run total cost curve given by TC = 800 + 8Q + 0.1Q^2.

a. What is the profit-maximizing output for each firm at a market price of $20?

b. How much profit does each firm make at a market price of $20?

c. Explain whether the industry will expand or contract in the long run?

Reference no: EM131107991

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