Question: Suppose a perfectly competitive firm has the short-cut cost function C = 125 + q^2. The marginal cost is 2q. What is the firm's output

Suppose a perfectly competitive firm has the short-cut cost function C = 125 + q^2. The marginal cost is 2q. What is the firm's output level and profit at prices $30 and $20? At what price does the firm shut down?

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