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Question: (a) If the market price of a cupcake is pound6, find the profit maximizing level of output and th...

Show transcribed image text (a) If the market price of a cupcake is pound6, find the profit maximizing level of output and the corresponding profit. (b) What is the minimum price for which the cupcake cafe will continue to produce in the short run? Explain your reasoning. (c) What will happen in the long run if the cupcake cafe represents a typical firm in the industry? Be specific.

(a) If the market price of a cupcake is pound6, find the profit maximizing level of output and the corresponding profit. (b) What is the minimum price for which the cupcake cafe will continue to produce in the short run? Explain your reasoning. (c) What will happen in the long run if the cupcake cafe represents a typical firm in the industry? Be specific.