Suppose that each firm in a competitive industry has the following costs: Total Cost: TC = 50+/q² Marginal Cost: MC = q where q is an individual firm's quantity produced. The market demand curve for this product is: Demand QD 160-4P where P is the price and is the total quantity of the good. Each firm's fixed cost is $ What is each firm's variable cost? O 50+ //q O q
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