Question

In: Economics

Consider the following cost curve for a firm in a competitive industry where the market price...

Consider the following cost curve for a firm in a competitive industry where the market price equals $120

C=1/3q^2+20q+500

What is the​ firm's marginal cost​ (MC)?

MC​ =

At what level of output does the firm maximize profits​ (minimize losses)?

Profit is maximized at:

units of output.  ​(Round your answer to two decimal​ places.)

What is the​ firm's profit maximizing​ price?

What is the​ firm's profit?  

In the​ short-run, this firm should

produce/shutdown?

.

Solutions

Expert Solution

Rahul Sunny answered 1 year ago
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