Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me only one question Suppose that the total cost function of a firm is given as follows; TC = 10,000 + 2Q2 (Q2=Q
Please help me only one question
Suppose that the total cost function of a firm is given as follows;
TC = 10,000 + 2Q2
(Q2=Q squared)
And the price of the firm's product is determined by the market equilibrium at $400.
a- Find the profit maximizing output level for this firm (3 points).
b- What is the total revenue (3 points)?
c- What is the total cost (3 points)?
d- What is the fixed cost (2 points)
e- What is the profit earned by the firm (3 points)?
f- Does the firm function in short-run or long-run (2 points)? Why (2 points)?
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