Suppose a perfectly competitive firm's total cost of production (TC) is TC(q) q-4q60q + 15 and the firm's marginal cost of production (MC) is MC(q) 3q-8q+ 60 The firm's short-run supply curve is given by O A. P 3q-8q+60 for prices above $4. O B. P =q-4q+60+ 15 O C. P 3q-8q+ 60 for prices above $56 O D. p q-4q+ 60 for prices above $56 O E. P q-4q+ 60 for prices above $1
Suppose a perfectly competitive firm's total cost of production (TC) is TC(q) q-4q60q + 15 and the firm's marginal cost of production (MC) is MC(q) 3q-8q+ 60 The firm's short-run supply curve is given by O A. P 3q-8q+60 for prices above $4. O B. P =q-4q+60+ 15 O C. P 3q-8q+ 60 for prices above $56 O D. p q-4q+ 60 for prices above $56 O E. P q-4q+ 60 for prices above $1
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...
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![Suppose a perfectly competitive firm's total cost of production (TC) is
TC(q) q-4q60q + 15
and the firm's marginal cost of production (MC) is
MC(q) 3q-8q+ 60
The firm's short-run supply curve is given by
O A. P 3q-8q+60 for prices above $4.
O B.
P =q-4q+60+
15
O C.
P 3q-8q+ 60 for prices above $56
O D. p q-4q+ 60 for prices above $56
O E. P q-4q+ 60 for prices above $1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15075cbb-1585-4001-8b39-493310d05b8a%2Febcb942a-5bab-47f1-b533-a302a403b021%2F5c5u8d.png&w=3840&q=75)
Transcribed Image Text:Suppose a perfectly competitive firm's total cost of production (TC) is
TC(q) q-4q60q + 15
and the firm's marginal cost of production (MC) is
MC(q) 3q-8q+ 60
The firm's short-run supply curve is given by
O A. P 3q-8q+60 for prices above $4.
O B.
P =q-4q+60+
15
O C.
P 3q-8q+ 60 for prices above $56
O D. p q-4q+ 60 for prices above $56
O E. P q-4q+ 60 for prices above $1
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