Asume that a firm faces the following cost functiontc 450 , Ask an Expert

Economics

Assume that a firm faces the following cost function:

TC= 450 + 10q^3 − 5q^2 + 20q

a) Derive the supply curve for this individual firm.

b) If market price is equal to p=40 what quantity would be supplied?

c) Calculate profit at p=40.

d) What would be quantity supplied if p=20?

e) With free entry and exit and identical firms what would be the long term supply curve for this industry?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91835053

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