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A perfectly competitive firm has a total cost function TC(Q)=10 million + 5Q + Q2/10,000. Of its total fixed cost of $10 million, $9 million can be avoided if the firm produces an output of zero, but $1 million is completely unavoidable (even if the firm stops producing altogether, it must still pay this $1 million). What is the supply function of this competitive firm, i.e. the quantity supplied as a function of market price?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9480730

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