1. A firm in perfect competition market has cost function (S) MC-20+1, where Q is quantity, firm's fixed cost is 121S. a. Calculate break-even point of this firm b. At price P-51, calculate firm's optimal quantity, profit and producer's surplus.

1. A firm in perfect competition market has cost function (S) MC-20+1, where Q is quantity, firm's fixed cost is 121S. a. Calculate break-even point of this firm b. At price P-51, calculate firm's optimal quantity, profit and producer's surplus.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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1. A firm in perfect competition market has cost function (S) MC-20+1, where Q is quantity, firm's fixed
cost is 121S.
a Calculate break-even point of this firm
b. At price P-51, calculate firm's optimal quantity, profit and producer's surplus.

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