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2. (20 pt) Consider a firm with the following short run total cost curve: STC (Q) = 60-300 + 15Q2. All fixed costs are non-sunk.
2. (20 pt) Consider a firm with the following short run total cost curve: STC (Q) = 60-300 + 15Q2. All fixed costs are non-sunk. a. (1pt) Find average total cost. b. (1pt) Find total fixed cost. c. (1pt) Find average fixed cost. d. (1pt) Find total variable cost. e. (1pt) Find average variable cost. f. (1pt) Find short run marginal cost. g. (6 pt) Find the firm's supply curve h. (3 pt) Find the market supply curve if there are 300 firms in the market. i. (2 pt) What would the market price be if market demand was Qd = 900 - 5P? j. (3 pt) What would happen to the market if market demand decreased to Qa = 600-5P? Hint: Consider the shut-down price
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