Perfectly competitive firm has short-run cost function srtc, Ask an Expert

Economics

Perfectly competitive firm has short-run cost function: SRTC = q^2 +30q +400

Corresponding SRMC function is given by: SRMC = 2q+30

Q) If market price is $50, how much output will firm produce? (I know this is q = 10)

Q) Is $50 a long-run equilibrium price? Explain reasoning.

Q) Find the equation of this firm's short-run supply function

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91675804

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