Suppose a competitive firm's total cost function is TC = 3Q3−30Q2+275Q+400 1. (1 pt) Find the...

Suppose a competitive firm's total cost function is TC = 3Q³−30Q²+275Q+400

1. (1 pt) Find the Average Total Cost (ATC), Average Variable Cost (AVC), and Marginal Cost (MC) functions.

2. (2 pts) Determine the shut-down price? Show your work.

3. (1 pt) If the price of output is $150, how much will the firm produce? Explain your reasoning.

4. (1 pt) If the price of output is $275, how much will the firm produce? Explain your reasoning.

Expert Solution

Rahul Sunny answered 1 year ago

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