utput TC function includes a risk adjusted normal rate of return on the firm’s investment In the short run, total revenue (TR) relation for this monopolistically competitive firm is given by: TR=11Q-0.01Q^2 Due to a high degree of product differentiation maintained by the firm, the firm demand curve in the long run is a parallel shift of its short-run demand curve. To maximise total profit in the short run, the firm should produce ___________ units of
The following total cost (TC) relation holds in both short run and long run for a
a.50;100
b. 100;50
c.100;58
d. 50;58
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