(Answered) A monopolistically competitive firm has a short run

Economics

A monopolistically competitive firm has a short run production function given by Q = 2L0.5 Assume the wage rate is $10, the firm's fixed cost is 500, and demand for the firm's output is P = 600 - 3Q

Suppose the firm's goal is to maximize its sales revenue.

(a) What is the firm's revenue maximizing output, price, employment, and profit?

(b) What is the firm's profit maximizing output, price, employment, and profit?

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Microeconomics, Economics

Category:- Microeconomics
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