69. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q2 /3, and marginal cost by MC = (2/3)Q. What is the profit of a typical firm in this industry?A. $320.60B. $311.60C. $300.60D. $290.60 In a perfectly competitive market, industry demand is givenby Q = 1000 - 20P. The typical fırm's average cost is TC :300 + Q? /3, and marginal cost by MC = (2/3)Q.%3DWhat is the profit of a typical firm in this industry?$320.60$311.60$300.60$290.60

According to the question the industries demand function is given by Q = 1000 – 20P And, TC = 300 +…

69. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q2 /3, and marginal cost by MC = (2/3)Q. What is the profit of a typical firm in this industry? A. $320.60 B. $311.60 C. $300.60 D. $290.60

69. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q2 /3, and marginal cost by MC = (2/3)Q. What is the profit of a typical firm in this industry? A. $320.60 B. $311.60 C. $300.60 D. $290.60

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter10: Prices, Output, And Strategy: Pure And Monopolistic Competition

Section: Chapter Questions

Problem 6E

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Question

69. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q²/3, and marginal cost by MC = (2/3)Q.

What is the profit of a typical firm in this industry?

A. $320.60

B. $311.60

C. $300.60

D. $290.60

In a perfectly competitive market, industry demand is given
by Q = 1000 - 20P. The typical fırm's average cost is TC :
300 + Q? /3, and marginal cost by MC = (2/3)Q.
%3D
What is the profit of a typical firm in this industry?
$320.60
$311.60
$300.60
$290.60

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