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Numerical fill in the blank question:Suppose a perfectly competitive firm has the marginal cost function of MC = 3Q.The market price is given by P
Numerical fill in the blank question:Suppose a perfectly competitive firm has the marginal cost function of MC = 3Q.The market price is given by P = $45.How many units of output will the firm produce?(Just enter your numerical answer - no symbols, units, or text).
Numerical fill in the blank question:Suppose that at this same firm's profit-maximizing level of output, average costs are ATC = $39.What are the firm's total profits earned?(Just enter your numerical answer - no symbols, dollar signs, units, or text).
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