14. Analyze the two following situations for firms in competitive markets: a. Suppose that TC = 100...

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14. Analyze the two following situations for firms in competitive markets:

a. Suppose that TC = 100 + 15q, where TC is total cost and q is the quantity produced.

What is the minimum price necessary for this firm to produce any output in the short run?

b. Suppose that MC = 4q, where MC is marginal cost. The perfectly competitive firm maximizes profits by producing 10 units of output. At what price does it sell these units?

p-987

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Essentials Of Economics

ISBN: 9780324590029

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Authors: N. Gregory Mankiw

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Question Posted: Nov 04, 2024 10:01 AM

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14. Analyze the two following situations for firms in competitive markets: a. Suppose that TC = 100...

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