Consider a firm whose total cost function is 2q 3 – 6q2 + 13q. a. If the price of a unit of output is $13, what is the profit-maximizing value of q? b. Find the average cost function of the firm? What is the firm’s minimum average cost? c. What is the equilibrium price of output? How much does each firm produce at equilibrium price? What is the firm’s short-run and long-run average cost at this quantity? What is each firm’s profit at the equilibrium price and quantity?

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