Consider a firm in a perfectly competitive market with total costs given by TC = Q3 -
Question:
TC = Q3 - 15 Q2 + 100Q + 30
a. What is this firm's marginal cost function? Over what range of output are the firm's marginal costs decreasing? Increasing?
b. Suppose that the market price is $52. What is this firm's profit-maximizing level of output? How do you know this is the profit-maximizing output? How much profit does this firm earn by producing the profit-maximizing output?
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Step by Step Answer:
a This firms marginal cost function is MC dTCdQ 3Q 2 30Q 100 The slope of the marginal cost function is its derivative with respect to Q or the second ...View the full answer
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Sultan Ghulam Dastgir
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Related Book For 
Microeconomics
ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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