Question - ivan owns a small boat and catches shrimps off, Ask an Expert

Economics

Question - Ivan owns a small boat and catches shrimps off the Redondo Beach. His weekly cost function is TC(q) = 10 + 5q + q^2. He sells shrimps to the local wholesaler at the market price p (in dollars).

(a) Find Ivan's short-run supply curve for shrimps.

(b) Find Ivan's long-run supply curve for shrimps.

(d) Suppose the market price is exist10, calculate his profit. What will Ivan do in the long run? Explain.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M93123265

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