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3. A perfectly competitive firm has the following total cost function: TC=3+5q+q2P=MR=20 a) For
quantities from 0 to 10 graph: TC and TR. b) For quantities from 0 to 10 graph: MC,MR, and profit.
c) On both graphs for parts a) and b), show at which quantity profit is maximized.

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3 A perfectly competitive firm has the following total cost.pdf

  • 1. 3. A perfectly competitive firm has the following total cost function: TC=3+5q+q2P=MR=20 a) For quantities from 0 to 10 graph: TC and TR. b) For quantities from 0 to 10 graph: MC,MR, and profit. c) On both graphs for parts a) and b), show at which quantity profit is maximized.