A perfectly competitive firms cost function and inverse, Ask an Expert

Economics

A perfectly competitive firm's cost function and inverse demand is estimated as TC (total cost) = 150 + 3q + 2q^2 q= quantity p=price P=135-3Q

Determine the single firm long-run equilibrium quantity.

You are suppose to set Marginal Cost equal to Average Total Cost. The answer is q=8.66 How did they come to this answer?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91709456

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