Question: 1.3.17 A firm has a cost function C = q3- 36q2 + 490q + 1,000. The firm is a price taker and faces a market

1.3.17 A firm has a cost function C =

q3- 36q2 + 490q + 1,000. The firm is a price taker and faces a market price of 250. What is its profit function? What quantity maximizes its profit?

What is its profit? Should the firm operate or shut down?

4. Competition in the Long Run

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