Analyze the two following situations for firms in, Ask an Expert

Economics

Analyze the two following situations for firms in competitive markets:

a. Suppose that TC=100 + 15q, where TC is total cost and q is quantity produce. What is the minimum price necessary for this firm to produce any output in the short run?

b. Suppose that MC=4q, where MC is marginal cost. The perfectly competitive firm maximizes profits by producing 10 units of out output.

At what price does it sell these units?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M962752

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