Variable cost = (0.4 + Q)Q Marginal Cost = 2Q + 0.4 Fixed cost = 1 Total cost = 1 + 0.4Q + Q2 Average total cost = 1/Q + 0.4 + Q Suppose ConcreteMex is a price taker in the competitive market in Texas. If the market price in Texas is ?=0.4, what is ConcreteMex’s supply ?s and profit in Texas? What is its supply if the price is ?=3?

Variable cost = (0.4 + Q)Q Marginal Cost = 2Q + 0.4 Fixed cost = 1 Total cost = 1 + 0.4Q + Q2 Average total cost = 1/Q + 0.4 + Q Suppose ConcreteMex is a price taker in the competitive market in Texas. If the market price in Texas is ?=0.4, what is ConcreteMex’s supply ?s and profit in Texas? What is its supply if the price is ?=3?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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