Suppose you are the manager of a watchmaking firm operating in a competitive market. Your cost of

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Suppose you are the manager of a watchmaking firm operating in a competitive market. Your cost of pro- duction is given by C=200+2q2,whereqis the level of output and C is total cost. (The marginal cost of production is4q;the fixed cost is $200.)

a.Ifthe price of watches is $100, how many watches

should you produce to maximize profit?b.What will the profit level be?

c.At what minimum price will the firm produce a positive output?

Posted Date: Jun 25, 2024 08:07 PM

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