A foodstuff firm has variable cost function: VC = 2q(q+1). The foodstuff market isconsidered as perfect competition market with many firms that are doing business.a. Find the short run supply curve of the firm?b. The firm is break even at total revenue of $702. Calculate the firm’s price and output atthis break-even point?c. What is the firm’s fixed cost?d. Calculate the price at which firm will shut-down its business? A foodstuff firm has variable cost function: VC 2q(q+1). The foodstuff market isconsidered as perfect competition market with many firms that are doing business.a. Find the short run supply curve of the firm?b. The firm is break even at total revenue of $702. Calculate the firm's price and output atthis break-even point?c. What is the firm's fixed cost?d.Calculate the price at which firm will shut-down its business?

The total amount of spending which the firm does on the production of services and goods is known as…

Answered: A foodstuff firm has variable cost…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A foodstuff firm has variable cost function: VC = 2q(q+1). The foodstuff market is
considered as perfect competition market with many firms that are doing business.
a. Find the short run supply curve of the firm?
b. The firm is break even at total revenue of $702. Calculate the firm’s price and output at
this break-even point?
c. What is the firm’s fixed cost?
d. Calculate the price at which firm will shut-down its business?

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