5. For a profit-maximizing firm with a marginal-cost function MC(q) =q³²+ 6, find: (a) PS (producer surplus) at price po = 7 CHAPTER REVIEW 631 (b) PS at price = 70 (c) APS resulting from the price change po = 7 to p = 70. Illustrate your results with a graph.

5. For a profit-maximizing firm with a marginal-cost function MC(q) =q³²+ 6, find: (a) PS (producer surplus) at price po = 7 CHAPTER REVIEW 631 (b) PS at price = 70 (c) APS resulting from the price change po = 7 to p = 70. Illustrate your results with a graph.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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