1. Suppose the firm's short run total cost function is TC = 10 + 10q-q² +0.25q³ and marginal cost is then MC = 102q +0.75q². (a) Find the firm's short run supply curve. Draw it on a graph. Feel free to use a graphing calculator such as desmos.com/calculator to help you. (b) To your graph add the average cost curve. Be sure to label its lowest point. (c) If market price is equal to $10, how much will the firm produce? (d) At that price, what is the firm's profit? Calculate it and show it on the graph.

1. Suppose the firm's short run total cost function is TC = 10 + 10q-q² +0.25q³ and marginal cost is then MC = 102q +0.75q². (a) Find the firm's short run supply curve. Draw it on a graph. Feel free to use a graphing calculator such as desmos.com/calculator to help you. (b) To your graph add the average cost curve. Be sure to label its lowest point. (c) If market price is equal to $10, how much will the firm produce? (d) At that price, what is the firm's profit? Calculate it and show it on the graph.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section12.3: The Various Measures Of Cost

Problem 3QQ

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Question

urgent please

part A B C

1. Suppose the firm's short run total cost function is TC = 10 + 10q - q² + 0.25q³ and
marginal cost is then MC = 10 - 2q +0.75q².
(a) Find the firm's short run supply curve. Draw it on a graph. Feel free to use a graphing
calculator such as desmos.com/calculator to help you.
(b) To your graph add the average cost curve. Be sure to label its lowest point.
(c) If market price is equal to $10, how much will the firm produce?
(d) At that price, what is the firm's profit? Calculate it and show on the graph.

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