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4. Suppose that any given individual firm in this same perfectly competitive industry has the following: ATC= 0.3q2 1.5q + 3+= MC = 0.9q2-3q +3 24 TC = 0.3q³1.5q² + 3q + 24 q Also, assume the market price is P* = 18. Find the quantity that the individual firm would produce at this price. Round your answer to the nearest whole number. Show work. You will have to use the quadratic formula.

4. Suppose that any given individual firm in this same perfectly competitive industry has the following: ATC= 0.3q2 1.5q + 3+= MC = 0.9q2-3q +3 24 TC = 0.3q³1.5q² + 3q + 24 q Also, assume the market price is P* = 18. Find the quantity that the individual firm would produce at this price. Round your answer to the nearest whole number. Show work. You will have to use the quadratic formula.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 33CTQ: Since a perfectly competitive firm can sell as much as it wishes at the market price, why can the...
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4. Suppose that any given individual firm in this same perfectly competitive industry has the following: 24 TC = 0.3q³ 1.5q² + 3q + 24 ATC=0.3q2 1.5q + 3 + MC = 0.9q² - 3q +3 9 Also, assume the market price is P* = 18. Find the quantity that the individual firm would produce at this price. Round your answer to the nearest whole number. Show work. You will have to use the quadratic formula."
Transcribed Image Text:4. Suppose that any given individual firm in this same perfectly competitive industry has the following: 24 TC = 0.3q³ 1.5q² + 3q + 24 ATC=0.3q2 1.5q + 3 + MC = 0.9q² - 3q +3 9 Also, assume the market price is P* = 18. Find the quantity that the individual firm would produce at this price. Round your answer to the nearest whole number. Show work. You will have to use the quadratic formula."
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