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Economics

Suppose the long-run total cost function for any firm in an industry is given by the cubic equation

TC=a+bq+cq^2+dq^3

a) Show (using calculus) that this total cost function is consistent with a U-shaped average cost curve for at least some values of a, b, c and d.

Please answer the rest of the question using the values of and you found in (a).

b) What is individual firm short-run supply curve?

(c) Suppose it is a constant cost industry and it is perfectly competitive. What is the long-run supply curve? How many units of output will each firm supply in the long-run?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91229834

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