Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 11SQ
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Question (3): Consider the firm whose goal is to maximize profits and there is competition in the marketplace. The firm’s total revenue and cost functions are displayed below.
R(q)=q2+14q+20
C(q)=2q2-8q+15
- What is the firm’s total fixed cost function, and total fixed costs of production?
- How many units must the firm manufacture to minimize its total costs of production? (For this question give me detailed, not too much, answer )
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