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+20C(q)=2q2-8q+15What 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 )

A fixed cost function remains constant regardless of the production quantity (q). To identify it, we…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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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