Consider a monopolistically competitive market with N firms. Each firm's business opportunities are described by the following equations: A. Demand: QD = (100 / N) – P Marginal Revenue: MR = (100 / N) – 2*Q Total Cost: TC = 50 + Q? Marginal Cost: MC = 2*Q Provide an expression for this firm's Average Variable Cost (AVC). Is AVC U-shaped here? Why or why not? Explain with reference both to marginal cost and to marginal product. а. 1

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