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The W Company is a member of the beef industry, which is perfectly competitive

Economics

The W Company is a member of the beef industry, which is perfectly competitive. The price of a beef is $60. The firm's total cost function is TC = 100 + 10Q + 5Q^2 where TC is total cost (in dollars) and Q is the hourly output.

a. What output maximizes profit?

b. What is the firm's economic profit at this output?

c. What is the firm's average cost at this output?

d. If other firms in the beef industry have the same cost function as this firm, is the industry in equilibrium? Why or why not?

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