You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm’s cost function is C = 40 + 5q2. What are your firm’s maximum profits?
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ASNWER: 5
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The profit-maximizing output for your firm is: 5. You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C = 40 + 5Q2.
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