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3. Assume that the short run total cost function of a competitive firm is given by...

3. Assume that the short run total cost function of a competitive firm is given by

TC(y) = y2-6y + 70 and MC(y)=2y-6 where y is the firm’s output. If the market price is $10, what will be the maximum profits of this firm in the short run? Will he stay in business in SR? Why or why not?

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