Asked by Special
The cost function for a firm is given by TC = 500 + Q2. The firm sells output in a
perfectly competitive market and other firms in the industry sell at a price of $100.
a) What price should the manger of this firm put on its product?
b) What level of output should be produced to maximize profits?
c) How much profit will be earned?
perfectly competitive market and other firms in the industry sell at a price of $100.
a) What price should the manger of this firm put on its product?
b) What level of output should be produced to maximize profits?
c) How much profit will be earned?
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