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Analyze the two following situations for firms in competitive markets:
a. Suppose that TC = 100 + 15q, where TC is total cost and q is the quantity produced. What is the minimum price necessary for this firm to produce any output in the short run?
b. Suppose that MC = 4q, where MC is marginal cost. The perfectly competitive firm maximizes profits by producing 10 units of output. At what price does it sell these units?
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