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July 28, 2014

Homework Help: Economics

Posted by Renee on Monday, February 18, 2013 at 7:49pm.

The following is a cost function for clinic visits in a small inner city clinic:

a.Determine the marginal cost for each level of output.
b.If the price per visit is given to be $25, at what level of visits will the maximum profit position be? What are the profits at this level? What is the quantity supplied?
c.If the price per visit increases to $45, what will be the quantity supplied (assuming maximizing profits)?

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