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Economics

Assume that a firm acts as a price taker.

Regardless of the demand, it sells each unit of its product for $5.

a) Assume that the rms marginal cost is given by MC = 0.2q + 3.

What is the level of output q that maximizes profit?

b) Assume the total cost is given by TC = 0.1q^2 + 3q + 10. Calculate the firm's profit.

c) Graph these results and label firm's supply curve.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91229766

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