Assume a firm has the cost function given by q? c(q) * - + 11q +5. 48 Answer the following: Write your answers to 3 decimal places. a) Find the quantity level g* > 0 that maximises the firm's profit, at the price level p = 24. b) Calculate the short run shutdown quantity for the firm.
Assume a firm has the cost function given by q? c(q) * - + 11q +5. 48 Answer the following: Write your answers to 3 decimal places. a) Find the quantity level g* > 0 that maximises the firm's profit, at the price level p = 24. b) Calculate the short run shutdown quantity for the firm.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Assume a firm has the cost function given by
c(q) = -+ 1lq +5.
48
4
Answer the following:
Write your answers to 3 decimal places.
a) Find the quantity level q* > 0 that maximises the firm's profit, at the price level p = 24.
b) Calculate the short run shutdown quantity for the firm.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe47bbe03-65c8-43e1-ba3b-d670b3baa9c5%2F12ce2265-da5b-4219-acf0-ed2b84cb7d43%2Fcet7mbl_processed.png&w=3840&q=75)
Transcribed Image Text:Assume a firm has the cost function given by
c(q) = -+ 1lq +5.
48
4
Answer the following:
Write your answers to 3 decimal places.
a) Find the quantity level q* > 0 that maximises the firm's profit, at the price level p = 24.
b) Calculate the short run shutdown quantity for the firm.
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