(Answered) All firms in a competitive market have the following total

Economics

All firms in a competitive market have the following total cost function TC = 0.5Q2+ 4Q + 120 The market demand and supply functions are given by Qmd = 1700 - 20P , Qms = -100 + 10P where Qmd and Qms are in 100 units.

(a) What is a typical firm's profit maximizing level of output?

(b) What is the firm's profit?

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Microeconomics, Economics

Category:- Microeconomics
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