Good Grains is one of 100 identical firms in the perfectly competitive wheat market. Each firm operates in the short-run with a total cost of: C(Q) = 2Q² + Q + 32. They have a marginal cost of MC = 4Q+ 1, an average total cost of AC = 2Q + 1+ 32 and an average variable cost of AVC = 2Q + 1. Good Grains will operate at a loss for prices greater than but less than $ (Round answers to two decimals it necessary.) Suppose the current market price for a bushel of wheat is P = $9. How many bushels will Good Grains supply?

Good Grains is one of 100 identical firms in the perfectly competitive wheat market. Each firm operates in the short-run with a total cost of: C(Q) = 2Q² + Q + 32. They have a marginal cost of MC = 4Q+ 1, an average total cost of AC = 2Q + 1+ 32 and an average variable cost of AVC = 2Q + 1. Good Grains will operate at a loss for prices greater than but less than $ (Round answers to two decimals it necessary.) Suppose the current market price for a bushel of wheat is P = $9. How many bushels will Good Grains supply?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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