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and marginal cost functions ar 203and MC=500-40Q+302 ate will average cost be a minir r all other firm in the market ar

and marginal cost functions ar 203and MC=500-40Q+302 ate will average cost be a minir r all other firm in the market ar

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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pls solve this question all parts on the plane sheet with clear handwriting within 10-20 minutes I'll give you multiple upvotes
9-3. Tyson Brothers Manufacturing is currently earning economic profit. However, the market for the firm's product is perfectly competitive, so the economic profit is not expected to persist in the long run. Tyson's total and marginal cost functions are given by TC=500Q-20002+Q³and MC=500-40Q+3Q2 a. At the output rate will average cost be a minimum? b. If the curves for all other firm in the market are the same as Tyson's determine the long-run equilibrium price.
Transcribed Image Text:9-3. Tyson Brothers Manufacturing is currently earning economic profit. However, the market for the firm's product is perfectly competitive, so the economic profit is not expected to persist in the long run. Tyson's total and marginal cost functions are given by TC=500Q-20002+Q³and MC=500-40Q+3Q2 a. At the output rate will average cost be a minimum? b. If the curves for all other firm in the market are the same as Tyson's determine the long-run equilibrium price.
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