Question: Suppose the cost function for your firm is: C = 10 +2Q + 5Q2. If the firm sells output in a perfectly competitive market and

Suppose the cost function for your firm is: C = 10 +2Q + 5Q2. If the firm sells output in a perfectly competitive market and other firms in the industry sell output at a price of $42, what level of output should the firm produce to maximize profits or minimize losses? What will be the level of profits or losses if the firm makes optimal decisions?

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