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The following equations describe a firms demand and total cost. P = 1,210 Q TC = 10 + 10Q + 5Q 2 What level of
The following equations describe a firms demand and total cost.
P = 1,210 Q
TC = 10 + 10Q + 5Q2
- What level of output should be produced to maximize profits (or minimize losses)?
- What is the market price?
- Should the firm keep producing or shut down?
- Calculate profit (or losses)?
- The firm provides electricity to residential households. Customers are billed semi-annually and there are no other electricity providers in the area. What type of market is this?
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