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(Solution document) 2. Assume that TC = 10,000 MC =0 TR = 70Q MR = 70 (a) What is the price of this good?


2.       Assume that    TC = 10,000               MC =0

                                    TR = 70Q                   MR = 70

 

(a) What is the price of this good? Please show your calculations.

 

 (b) At what output level is profit maximized for this firm? Please give an explanation and show all calculations.

 

 

(c) At what level of output is revenue maximized for this firm? Please give an explanation and show all calculations.



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