Question
Each firm in a perfectly competitive market has a short-run total cost of TC=75+500Q-5Q²+0.5Q², where MC=500-10Q+1.5Q²
a) Calculate the output that minimizes the firm's AVC
b) What is the firm's shutdown price?
a) Calculate the output that minimizes the firm's AVC
b) What is the firm's shutdown price?
Answers
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