(Answered) A competitive firm has annbspav cnbspnbspy3 and a fixed

Management Studies

A competitive firm has an AV C = y+3, and a fixed cost equal to 9.

a. Derive the firm's cost function C(y), marginal cost function SMC(y) and average cost SAC(y). Show AV C,SMC and SAC on a graph.

b. Suppose the market price is 15. How many units would the firm produce? Determine the associated profit and producer surplus for the firm. Explain any difference.

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Business Management, Management Studies

Category:- Business Management
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