QUESTION 9 Total Costs for a firm are given by: TC = 1Q2 + 9Q. Marginal Costs for that same firm are given by: MC = 2*1Q + 9. If this firm is operating in a perfectly competitive environment and is a price-taker, what would their total profits be if the market price was $28.49? Hint: Remember the firms produce where MC = P. Their revenue is P*Q, and profits are revenue minus total costs. Round your answer to two decimal places. Do not include a $ sign. QUESTION 10 Total Costs for a firm are given by: TC = 3Q2 + 11.8. Marginal Costs for that same firm are given by: MC = 2*3Q. In the long run, this firm will exit the market if the price falls below what value? Hint: Average costs = Total Cost / Q. Round your answer to two decimal places. Do not include a $ sign.
QUESTION 9
Total Costs for a firm are given by: TC = 1Q2 + 9Q.
Marginal Costs for that same firm are given by: MC = 2*1Q + 9.
If this firm is operating in a perfectly competitive environment and is a price-taker, what would their total profits be if the market price was $28.49?
Hint: Remember the firms produce where MC = P. Their revenue is P*Q, and profits are revenue minus total costs.
Round your answer to two decimal places. Do not include a $ sign.
QUESTION 10
Total Costs for a firm are given by: TC = 3Q2 + 11.8.
Marginal Costs for that same firm are given by: MC = 2*3Q.
In the long run, this firm will exit the market if the price falls below what value?
Hint: Average costs = Total Cost / Q.
Round your answer to two decimal places. Do not include a $ sign.
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