A Christmas tree seller has a cost function C = 6,860 + (p T + t +
Question:
A Christmas tree seller has a cost function C = 6,860 + (pT + t + 7/12)q + 37/27,000,000q3, where pT = $11.50 is the wholesale price of each tree and t = $2.00 is the shipping price per tree. What is the seller’s marginal cost function? What is the shutdown price? What is the seller’s short-run supply function? If the seller’s supply curve is S(q, t), what is ∂(q, t)/∂t? Evaluate it at pT = $11.50 and t = $2.00?
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Step by Step Answer:
The total cost function is Then the marginal cost function is The average variable cost functio...View the full answer
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Related Book For 
Microeconomics Theory and Applications with Calculus
ISBN: 978-0133019933
3rd edition
Authors: Jeffrey M. Perloff
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