The total cost function of a firm in a perfectly competitive market is given by: TC =3Q2+ 2Q + 10. Suppose that the price is P=8. What is the quantity Q that maximizes profits? A Q=3. Q=2. Q=1.
The total cost function of a firm in a perfectly competitive market is given by: TC =3Q2+ 2Q + 10. Suppose that the price is P=8. What is the quantity Q that maximizes profits? A Q=3. Q=2. Q=1.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![The total cost function of a firm in a perfectly competitive market is given
by: TC =3Q2+ 2Q+ 10. Suppose that the price is P=8. What is the quantity
Q that maximizes profits?
A
Q=3.
Q=2.
C
Q=1.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fba33d2b9-0979-4cc5-a129-e5bcf96924b6%2F35794467-f683-47f6-b462-028d281865e4%2Fx2ib22l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The total cost function of a firm in a perfectly competitive market is given
by: TC =3Q2+ 2Q+ 10. Suppose that the price is P=8. What is the quantity
Q that maximizes profits?
A
Q=3.
Q=2.
C
Q=1.
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