Answered: what is dC and dQ here??? and why…

Business

Economics

what is dC and dQ here??? and why dC/dQ = 2Q?? please assist

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter22: Supply: The Costs Of Doing Business

Section: Chapter Questions

Problem 11E

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Question

The cost function for a firm is given by CQ) = 5 + Q If the firm sells output in a perfectly competitive market and other firms in the industry sell output at a price of $20, what price should the manager of this firm put on the product? What level of output should be produced to maximize profits? How much profit will be earned?

As per your solution provided

The profit is maximized: MC=MR=P

C(Q) = 5+Q²

MC= dC/dQ = 2Q ...what is dC and dQ here???

and why dC/dQ = 2Q??

please assist

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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