Acompetitive firm has the following cost functiontc 07q2 , Ask an Expert

Economics

A competitive firm has the following cost function:

TC= 0.7Q^2 + 6Q + 15

The firm believes the market price for thier product will be $12 with probablility 0.57. Otherwise, they believe the market price for thiepr producet will be $15. Find the firms expected profit. Round the answer to one decimal.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92198707

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