A perfectly competitive firm's total cost and marginal cost functions are:<\/p>
TC = 5 Q2<\/sup> + 4 Q - 2<\/p> MC = 10 Q + 4.<\/p> Assume that the market price = $24 and that the marginal revenue (MR) is also = $24 at all output levels.<\/p> The firm plans to produce 3 units of outputs<\/p> <\/p> What would profits be for the firm at the planned output level?<\/strong><\/p>",
"transcribed_text": "",
"related_book": {
"title": "Fundamentals Of Statistics",
"isbn": "978-032184460, 032183870X, 321844602, 9780321838704, 978-0321844606",
"edition": "4th Edition",
"authors": "Michael Sullivan III",
"cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/445.jpg",
"uri": "\/textbooks\/fundamentals-of-statistics-4th-edition-445",
"see_more_uri": ""
},
"free_related_book": {
"isbn": "B0CFGB4GD7",
"uri": "\/textbooks\/the-silver-economy-an-ageing-society-in-the-european-union-1st-edition-b0cfgb4gd7-303493",
"name": "The Silver Economy An Ageing Society In The European Union",
"edition": "1st Edition"
},
"question_posted": "2024-06-28 09:05:47",
"see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-13",
"step_by_step_answer": "The Answer is in the image, click to view ...",
"students_also_viewed": [
{
"url": "\/at-the-end-of-2012-zorro-corp-had-total-assets",
"description": "At the end of 2012, Zorro, Corp., had total assets of $11 million and total liabilities of $8 million. Included in the assets were property, plant, and equipment with a cost of $9 million and...",
"stars": 3.5
},
{
"url": "\/study-help\/business-statistics-in-practice\/b-using-the-given-mean-and-standard-deviation-create-an-1982128",
"description": "=+b) Using the given mean and standard deviation, create an R chart for these samples.",
"stars": 3.5
},
{
"url": "\/commodity-copper-is-considering-the-installation-of-a-1800000",
"description": "Commodity Copper is considering the installation of a $ 1,800,000 production conveyor system that would generate the following labor cost savings over its 10-year life: Years Annual Labor Cost...",
"stars": 3
},
{
"url": "\/study-help\/questions\/question-3-big-plc-a-fastmoving-consumer-goods-fmcg-company-9887171",
"description": "QUESTION 3 Big Plc, a fast-moving consumer goods (FMCG) company and its board of directors has agreed a takeover of Small Plc in the next 12 months. The board is currently considering what market...",
"stars": 3
},
{
"url": "\/study-help\/questions\/accounting-explain-in-some-detail-how-the-precision-tree-calculations-98047",
"description": "rn Explain in some detail how the Precision Tree calculations in Figure 6.11 for the Acme problem are exactly the same as those for the hand-drawn decision tree in Figure 6.6. In other words, explain...",
"stars": 3
},
{
"url": "\/study-help\/questions\/how-much-cash-will-the-borrower-receive-for-a-1254264",
"description": "How much cash will the borrower receive for a $ 12.000, 75 day, noninterest-bearing note documented at 8 percent",
"stars": 3
},
{
"url": "\/study-help\/questions\/if-your-team-gets-together-as-a-group-to-inform-1002335",
"description": "If your team gets together as a group to inform management that they need to be able to control the thermostat in the office to have a comfortable work environment, or else they will not be able to...",
"stars": 3
},
{
"url": "\/study-help\/questions\/how-are-digital-technologies-changing-family-life-2-how-are-1002419",
"description": "How are digital technologies changing family life? 2.) How are digital technologies changing the following social institutions: politics, education, the economy, and religion to make them better and...",
"stars": 3
},
{
"url": "\/study-help\/questions\/research-and-find-any-organizations-mission-statement-1-copy-and-1002436",
"description": "Research and find any organization's Mission Statement. 1. Copy and paste the Mission Statement 2. What about the Mission Statement captured your attention? 3. Do you think the company is following...",
"stars": 3
},
{
"url": "\/study-help\/questions\/a-write-a-few-statements-included-in-the-code-1002453",
"description": "a ) Write a few statements included in the code of ethics of your field that are related to the ethical problems in the collapse of the Surfside Condo.",
"stars": 3
},
{
"url": "\/study-help\/questions\/mulalo-is-the-pr-manager-of-power-chain-stores-which-3214221",
"description": "Mulalo is the PR manager of Power Chain Stores. Which one of the following options is not related to Mulalo's PR activities? a. The planning and execution of the company's PR strategy should be...",
"stars": 3
}
],
"next_back_navigation": {
"previous": "\/study-help\/questions\/marion-kline-was-recently-elected-mayor-of-a-large-midwestern-4279744",
"next": "\/study-help\/questions\/what-is-the-general-relationship-between-real-gdp-and-the-4279746"
},
"breadcrumbs": [
{
"name": "Study help",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers"
},
{
"name": "Business",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business"
},
{
"name": "Accounting",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting"
},
{
"name": "A perfectly competitive firm's total cost and marginal cost functions are: TC",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions\/a-perfectly-competitive-firms-total-cost-and-marginal-cost-functions-4279745"
}
],
"skill_details": {
"skill_id": "9",
"skill_name": "Accounting",
"parent_id": "1"
}
}"
}
}