Question
Suppose that a firm faces a marginal revenue curve given by P=200. The firm has a total cost function of TC = q^3 20q^2 +
Suppose that a firm faces a marginal revenue curve given
by P=200. The firm has a total cost function of TC = q^3 20q^2 + 200q + 576.
a. What is the optimal quantity for this firm to produce?
b. What is the firm's short-run supply curve?
c. When p=105, will the firm shut down?
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
Microeconomics
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
2nd edition
1464187029, 978-1464189104, 1464189102, 978-0716759751, 716759756, 978-1464187025
