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A firm in a competitive industry has a total cost function of: TC =… A firm in a competitive industry has a total cost function of: TC = 0.3Q2 – 6Q + 60 Its corresponding marginal cost curve is: MC = 0.6Q – 6 a.If the firm faces a price of $12, what quantity should it produce to maximise profit?b.What profit does the firm make at this price?c.Should the firm shut down? Explain why or why not.d.At what minimum price should the firm produce positive output?e.At what price is the firm in the long run equilibrium?f. Present a graphical representation of this case study and discuss about the profit maximising output under the different scenarios presented above. Would you introduce any policy intervention in this case? Under which circumstances? Business Economics MicroeconomicsECON MICROECONO

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