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Question 1. John Doe is produces potatoes in the Idaho state. He markets his output in a perfectly competitive market for potatoes at a Price = $8.00. The firm's total costs are given as:

TC = 10 +2Q + 2Q2

a) Find the Firm's marginal cost? Show your steps, including graphs. Review additional resources? Hint: See the rules for differentiation

b) What is the firm's demand curve? Show it on a graph and label the axes showing P and Q

c) What level of output should the firm produce? Hint: Set P = MC and solve for Q. Use a graph to show your answers as well

d) What is the firm Fixed Cost? Why? Also, use a graph to support your answer.

e) What price should the firm charge? Why?

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  • Category:- Business Management
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