Question: Assume a firm has the cost function given by c(q) 48 + 14q + 24. Answer the following: Write your answers to 3 decimal places.

Assume a firm has the cost function given by c(q) 48

Assume a firm has the cost function given by c(q) 48 + 14q + 24. Answer the following: Write your answers to 3 decimal places. a) Find the quantity level q* > 0 that maximises the firm's profit, at the price level p = 24. b) Calculate the short run shutdown quantity for the firm

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