A perfect competitive firm estimates her cost function as given below: C = 100 + 5Q2 a. What is the firm’s fixed and marginal cost? b. If all other firms in the market sell the product at a price ¢20. How much should this firm charge for the product? c. What is the optimal level of output to maximize profits? d. How much profit will be earned? e. In the long run should this firm continue to produce or shut down? Why

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