A firm's short-run cost function is given by: C (q) = 50 + 10g – 6q² +q? What is the lowest the price (p) could be if the firm is maximizing profits in the short-run by producing a strictly positive amount of output (q> 0)? Minimum price = dollars

Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter10: Cost Functions
Section: Chapter Questions
Problem 10.7P
icon
Related questions
Question
I need help please
A firm's short-run cost function is given by:
C (q) = 50 + 10g– 6q² + q?
What is the lowest the price (p) could be if the firm is maximizing profits in the short-run by
producing a strictly positive amount of output (q> 0)?
Minimum price =
dollars
Transcribed Image Text:A firm's short-run cost function is given by: C (q) = 50 + 10g– 6q² + q? What is the lowest the price (p) could be if the firm is maximizing profits in the short-run by producing a strictly positive amount of output (q> 0)? Minimum price = dollars
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Government Policy
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Microeconomic Theory
Microeconomic Theory
Economics
ISBN:
9781337517942
Author:
NICHOLSON
Publisher:
Cengage
Managerial Economics: Applications, Strategies an…
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning