Question 1) Fixed costs of a competitive firm is cER* and the short-run supply function of the firm is given by: P-6 q, P € R*; a,b eR 2a a). Derive the total cost function of this firm. b) marginal cost, average costs and, average variable cost curves of the firm for q € (2, 12). Suppose that a = 2, 6 = 10 and, c = 162. Derive and plot Suppose that a = 2, b = 10, c = 162 and, the market price of the good is $50. What is the profit-maximizing level of production, q*? Calculate and plot the profit of the firm when it maximizes the profit.

Question 1) Fixed costs of a competitive firm is cER* and the short-run supply function of the firm is given by: P-6 q, P € R; a,b eR 2a a). Derive the total cost function of this firm. b) marginal cost, average costs and, average variable cost curves of the firm for q € (2, 12). Suppose that a = 2, 6 = 10 and, c = 162. Derive and plot Suppose that a = 2, b = 10, c = 162 and, the market price of the good is $50. What is the profit-maximizing level of production, q? Calculate and plot the profit of the firm when it maximizes the profit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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