A firm in a perfectly competitive market has the following total cost function: TC(q) = 100q -4q² + 0.2q³ + 450 а. For the representative firm, what is the smallest amount of output it will produce in the short run? b. If the market price is $115, how many q will the firm supply in the short run?
A firm in a perfectly competitive market has the following total cost function: TC(q) = 100q -4q² + 0.2q³ + 450 а. For the representative firm, what is the smallest amount of output it will produce in the short run? b. If the market price is $115, how many q will the firm supply in the short run?
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter14: Firms In Competitive Markets
Section: Chapter Questions
Problem 1CQQ
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