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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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd69808a5-b0ca-4dd5-ad3f-2181c0b6928d%2F81feb7b8-fdc8-41c4-a494-b87b403a946c%2Fpyvhg9nr_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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