9.6. A bicycle-repair shop charges the competitive market price of $10 per bike repaired. The firms shortrun
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9.6. A bicycle-repair shop charges the competitive market price of $10 per bike repaired. The firm’s shortrun total cost is given by STC(Q) ! Q2
/2, and the associated marginal cost curve is SMC(Q) ! Q.
a) What quantity should the firm produce if it wants to maximize its profit?
b) Draw the shop’s total revenue and total cost curves, and graph the total profit function on the same diagram. Using your graph, state (approximately) the profit-maximizing quantity in each case.
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