Airm has a long-run cost function c1y y3 - 10y2 30y1 , Ask an Expert

Economics

A firm has a long-run cost function C1(y) = y^3 - 10y^2 + 30y.

1) Derive the firm's long-run average cost function

2) Derive the firm's long-run marginal cost function

3) Find the level of production with the lowest average cost

4) What is the long-run supply for this firm?

5) If the market price is p= $18, how much would the firm decide to produce?

Calculate the profit of the firm when the market price is p = $18

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9749262

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