A firm's short-run cost function is given by: C (q) = 50 + 10q – 6q² + q³ |3D 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
A firm's short-run cost function is given by: C (q) = 50 + 10q – 6q² + q³ |3D 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
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
Chapter7: Production Economics
Section: Chapter Questions
Problem 6E
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