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Suppose that Mensa Inc. is a representative firm operating in a perfectly competitive industry. Mensa's total cost of production, TC, is given by the equation TC = 5,000 +5q2, where q is Mensa's output. Based on this equation, Mensa's marginal cost is 10q. If the output price is $100, what is Mensa's short-run profit-maximizing output? How much profit does Mensa make at that output?
(Don't forget you need to check the Short Run Shut Down Condition, Compare the price with AVC, or compare loss with fixed cost.)

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9489409

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