Suppose a perfectly competitive firm's total cost of production (tc) is:
tc(q) = q^3 -10q^2...
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Business, 09.12.2019 18:31 mishcacross21
Suppose a perfectly competitive firm's total cost of production (tc) is:
tc(q) = q^3 -10q^2 + 30q + 5,
and the firm's marginal cost of production (mc) is:
mc(q)= 3q^2 -20q +30.
the firm's short-run supply curve is given by
o p = q^2 - 10q + 30 + 5/q.
o p = 3q^2 - 20q + 30 for prices above $2.5.
o p =q^2 - 10q +30 for prices above $5.
o p = 3q^2 - 20q + 30 for prices above $5.
o p = q^2 - 10q + 30 for prices above $10.
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