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Intergalactic market for corn is considered perfectly competitive and is currently in equilibrium at a price...

Intergalactic market for corn is considered perfectly competitive and is currently in equilibrium at a price of $5,000 per ton of corn. Omicron Persei 8 farmers corn at an average total cost given by

ATC = Q + 1,500,000/Q and marginal cost given by MC = 2Q, where Q measures tons of corn.

1. If the Omicronian farmers are maximizing profit, how many tons of corn will they produce?

2. Given the Omicronian production of corn, what is the average total cost of their production?

3.How much profit will the Omicronian farmers earn from their corn production?

4.In the long run will the intergalactic corn market expand or contract?

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