If the cost function of Example 4 is changed to C = 20 + 15Q + Q (a) Find the new marginal-cost function. (b) Find the new equilibrium quantities. (Use fractions.) (c) Find the new equilibrium prices. (d) Verity that the second-order sufficient condition is met.
If the cost function of Example 4 is changed to C = 20 + 15Q + Q (a) Find the new marginal-cost function. (b) Find the new equilibrium quantities. (Use fractions.) (c) Find the new equilibrium prices. (d) Verity that the second-order sufficient condition is met.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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3 and 4 please thanks in advance
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![If the cost function of Example 4 is changed to C = 20 + 15Q + Q
(a) Find the new marginal-cost function.
(b) Find the new equilibrium quantities. (Use fractions.)
(c) Find the new equilibrium prices.
(d) Verity that the second-order sufficient condition is met.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb04d2177-d69a-4d0f-ae33-e7ad27b62da8%2Fcfb4ee15-3c38-4ac5-a41a-46e6f1963770%2Fr1w2ver.png&w=3840&q=75)
Transcribed Image Text:If the cost function of Example 4 is changed to C = 20 + 15Q + Q
(a) Find the new marginal-cost function.
(b) Find the new equilibrium quantities. (Use fractions.)
(c) Find the new equilibrium prices.
(d) Verity that the second-order sufficient condition is met.
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