Consider a firm in a perfectly competitive market with total costs given by: 
a. What is this firm's marginal cost function? Over what range of output are the firm's marginal costs decreasing? Increasing?
b. Suppose that market price is $10. What is this firm's profit-maximizing level of output?
Definitions:
Mean, Median, Mode
Statistical measures used to summarize a set of data where mean is the average, median is the middle value when data is sorted, and mode is the most frequent value.
Sample Size
The number of observations or measurement in a sample.
Population Size
The total number of members or elements in a specified population or group being studied.
Strip Mall Rent
The rental cost associated with leasing commercial spaces within a strip mall, a type of shopping center typically characterized by a linear arrangement of stores.
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