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Economics

Question: Ivan owns a small boat and catches shrimps off the Redondo Beach. His weekly cost function is TC(q) = 10 + 5q + q². 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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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92585801

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