Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 07, 2024

3.Suppose that a perfectly competitive firm has the following total cost. TC = Q 3 - 4.5Q 2 + 57Q + 2 Where Q represents

3.Suppose that a perfectly competitive firm has the following total cost.

TC = Q³ - 4.5Q²+ 57Q + 2

Where Q represents output and TC represents total cost.

(a) Calculate the long run equilibrium price and output.

(b) Calculate the quantity that minimizes marginal cost.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Authors: Paul Krugman, Robin Wells

3rd edition

978-1429283427, 1429283424, 978-1464104213, 1464104212, 978-1429283434

More Books

Students also viewed these Economics questions

Question

★★★★★

What are some of the exceptions to the historical cost concept that generally accepted accounting principles require or allow?

Answered: 1 week ago

Question

★★★★★

What is the deficit and debt situation of the various public sector entities/levels of government?

Answered: 1 week ago

Question

★★★★★

What is the name of the program?

Answered: 1 week ago

Question

★★★★★

The Oakton River had long been considered an impediment to the development of a certain medium-sized metropolitan area in the southeast. Lying to the east of the city, the river made it difficult for...

Answered: 1 week ago

Question

★★★★★

Please complete just Form 1040 (you do not need to fill out a Schedule C or Schedule D, but you can use them to calculate numbers to enter into Form 1040) for a client with the following tax...

Answered: 1 week ago

Question

★★★★★

On July 1, 2024, a company acquired equipment. The company paid $175,000 in cash on July 1, 2024, and signed a $655,000 noninterest-bearing note for the remaining balance which is due on July 1,...

Answered: 1 week ago

Question

★★★★★

A BA is documenting their analysis and design experience. Which task covers the question, "What was expected to be delivered?"

Answered: 1 week ago

Question

★★★★★

27. Question 27 It's the start of a new quarter at Adventure Works. You find yourself in a modern conference room surrounded by department heads and key stakeholders. The focal point of the room is...

Answered: 1 week ago

Question

★★★★★

Ratino is working on how to process criticism at work so he can influence the conversation to a solution. What is the last step in this process? Select an answer: He should assume positive intent. He...

Answered: 1 week ago

Question

★★★★★

Brad Gokool is reviewing the results of the subsequent events audit procedures. Brad is writing a report for his audit partner based on these results and will be attending a meeting tomorrow with the...

Answered: 1 week ago

Question

★★★★★

Which techniques are recommended when communicating data-informed decisions? Select all that apply. a. Defining the problem. b. Assigning blame for the problem. c. Supporting the solution with data....

Answered: 1 week ago

Question

★★★★★

Are the Occupational Safety and Health Administrations standards, policies, and rules aimed at addressing problems like the ones that apparently existed at the Texas City plant? If so, how would you...

Answered: 1 week ago

Question

★★★★★

Explain specifically how strategic human resource management at BP seems to have supported the companys broader strategic aims. What does this say about the advisability of always linking human...

Answered: 1 week ago

Question

★★★★★

Do you suggest Lisa use a PEO? Why?

Answered: 1 week ago

Previous Question Next Question