Question
Given the following total cost function facing a perfectly competitive firm: TC = 500 + 10q 2 (a) If price = 100, determine the level
- Given the following total cost function facing a perfectly competitive firm:
TC = 500 + 10q2
(a) If price = 100, determine the level of output and profit earned by the firm in the short-run.
(b) Based on your answer for part (a), should the firm continue to produce in the short-run? Why or why not?
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Macroeconomics
Authors: Andrew B. Abel, Ben S. Bernanke, Dean Croushore, Ronald D. Kneebone
6th Canadian Edition
321675606, 978-0321675606
