The Hamilton Company is a member of a perfectly competitive industry. Like all members of the industry, its total cost function is TC=25000+150Q+3Q2 where TC is the firm’s monthly total cost (in dollars) and Q is the firm’s monthly output. If the industry is in long-run equilibrium, what is the price of the Hamilton Company’s product? What is the firm’s monthly output?
The Hamilton Company is a member of a perfectly competitive industry. Like all members of the industry, its total cost function is TC=25000+150Q+3Q2 where TC is the firm’s monthly total cost (in dollars) and Q is the firm’s monthly output. If the industry is in long-run equilibrium, what is the price of the Hamilton Company’s product? What is the firm’s monthly output?
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
ChapterP3: Market Structure
Section: Chapter Questions
Problem 3KC
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The Hamilton Company is a member of a
TC=25000+150Q+3Q2
where TC is the firm’s monthly total cost (in dollars) and Q is the firm’s monthly output.
- If the industry is in long-run equilibrium, what is the price of the Hamilton Company’s product?
- What is the firm’s monthly output?
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