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Business

Economics

A firm's short-run cost function is given by: C(q) = 50+10q-6q2+q3

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter2: Mathematics For Microeconomics

Section: Chapter Questions

Problem 2.2P

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Question

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A firm's short-run cost function is given by: C(q) = 50+10q-6q²+q³

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)?

a.) Minimum price = ?

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