Question The DMC short-run average cost function in 2012 was (AC = 3 + 4Q) a. Give the short-run tot

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Question

 

The DMC short-run average cost function in 2012 was (AC = 3 + 4Q) a. Give the short-run total cost function b. Derive the marginal cost function c. If the current price is $3, is the firm making profit or loss? Briefly explain.

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