Suppose that the long run cost function of a price taking firm is given by C(q)=12+3q2+3q. Solve the profit maximization problem of the firm and find the firm's supply function. Draw the firm's supply function and average variable cost function on the same graph. Clearly show which is which.  Find the profit function of the firm. What is this a function of? (What are its arguments?)

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Suppose that the long run cost function of a price taking firm is given by
C(q)=12+3q2+3q.


Solve the profit maximization problem of the firm and find the firm's supply function. Draw the firm's supply function and average variable cost function on the same graph. Clearly show which is which.


 Find the profit function of the firm. What is this a function of? (What are its arguments?)

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