Use the following to answer questions 3-6: The market for sweet potatoes consists of 10 identical firms. The market demand curve is given by Q=100-5P . Each firm has a short- run total cost curve of C(q)=5+10q+2q?. What is the price in this market, P*? a. 0< p* <5 O b. 5< P*<10 O c. 10< P* <20 O d. 20< P*<50
Use the following to answer questions 3-6: The market for sweet potatoes consists of 10 identical firms. The market demand curve is given by Q=100-5P . Each firm has a short- run total cost curve of C(q)=5+10q+2q?. What is the price in this market, P*? a. 0< p* <5 O b. 5< P*<10 O c. 10< P* <20 O d. 20< P*<50
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Step 1
Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.
Marginal cost (MC): - it is the additional cost incurred due to the production of additional units of a good.
Total revenue (TR): - it is the total amount that a seller receives selling his goods and services to the buyers.
Marginal revenue (MR): - it is the additional revenue generated by selling additional units of a good.
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