The white company is a member of the lamp industry which is, Ask an Expert

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The White Company is a member of the lamp industry, which is perfectly competitive. The price of a lamp is $50. The rm's total cost and marginal cost functions are:

TC = 1;000 + 20Q + 5Q2

MC = 20 + 10Q

Where TC is total cost and MC is marginal cost (in dollars) and Q is hourly output.

a. What output maximizes pro t?

b. What is the rm's economic pro t at this out- put?

c. What is the rm's average cost at this output?

d. If other rms in the lamp industry have the same cost function as this rm, is the industry in equilibrium? Why or why not?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91995720

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