Assume the following inverted demand function of a firm in the short run: P = 200 – 10Q . Now assume the total cost function of this firm is : TC = 200 + 320Q – 40Q2

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The above cost function yields the MC function as 320 – 80Q

What is the profit maximizing price and quantity of this firm? What is the amount of short-run profit or loss? Explain fully. Show your work in this space.

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