Problem 1. A firm’s production function C is given by C (q) = 0:5q 2+2q 1 2 +18, where q is the level of output.
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Problem 1. A firm’s production function C is given by C (q) = 0:5q 2+2q 1 2 +18, where q is the level of output.
(i) Calculate marginal costs
(ii) If all fixed costs are sunk, and the minimum price at which this firm will choose to operate in the market
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