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Suppose the market demand and supply functions are QD = 2380 – 5P and QS =...

Suppose the market demand and supply functions are QD = 2380 – 5P and QS = 12P + 1785. You have just graduated and moved to this city; as a new MBA and an entrepreneur, you are considering entering the market for this product.

b.   You’ve researched and found that most firms in the market currently experience costs such that TC = 260 + 75Q – 4Q2 + 0.082Q3. Determine whether or not you should enter this market. Use graphs to support your answer. (Remember that you can Format Axis and change the Minimum and Maximum Bounds of your axes to “zoom in” to a graph in Excel.)

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Answer #1

As the total cost function would result in a huge total cost, so i would not enter.

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