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{"ops":[{"insert":"Q.3 A firm uses Labour (L) and Capital (K) to produce commodity (Y). The quantities of the inputs and \noutputs are shown in the table below. \nL 0 1 2 3 4 5 6 7 8 9 10 \nK 90 90 90 90 90 90 90 90 90 90 90 \nY 0 100 250 420 560 675 760 820 860 885 900\nc. Does the average variable cost cuts the marginal cost at the minimum point of the marginal cost? Why \nis this always the case? What is the relationship between the marginal cost and average variable cost in \nthe second stage of production. \nd. What are the most critical assumptions used to define a perfectly competitive market. How do these \nassumptions relate to the determination of short run equilibrium of the firm in a perfectly competitive \nmarket. \ne. Using the data given in this question, determine the short run supply curve of the firm. If there are 15 \nidentical firms in the market, what will be the market supply?\n"}]}
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