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{"ops":[{"insert":"Q:A firm has the following information on production and costs from past data:\nOutput (Y) 0 6 12 18\nTotal Cost (TC) 9 2775 5361 8199\nIf the total cost function is known to be\nTC =aY3 +bY2 +kY + f , and the demand for the product of the firm is Y = 320 \u2212 (1 2)\u22c5 P answer the following: 1.calculate the break even and profit maximizing levels of output and price.\n2.What is the relationship between price, marginal revenue and own price elasticity of demand at the profit maximization point.\n"}]}
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