Question: ) Suppose a perfectly competitive firm has a cost function given by: c(q)=1,400+10q+1/10q^2 If the price for the product is $30 per unit, calculate the

) Suppose a perfectly competitive firm has a cost function given by:

c(q)=1,400+10q+1/10q^2

If the price for the product is $30 per unit, calculate the firm's profit maximizing level of output.

calculate the firm's profits and advise whether the firm should stay in production or if they should shut down? Explain.

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