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Question: In a Perfectly Competitive Market, the Profit Maximization condition: P = MC and for a Monopolist...

In a perfectly Competitive Market, the Profit Maximization condition: P = MC and for a Monopolistic: MR = MC. Given the following Price and Cost functions:

P = 940 - 0-02Q

TC = 250,000 + 40Q + 0.01Q2  

a) Calculate the profit - maximization output for each market structure.

b) What is the value of Total Fixed Cost?

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