Sunday
May 3, 2015

Homework Help: economics-micro

Posted by mick on Tuesday, October 2, 2007 at 6:48am.

Suppose that a firm is the only domestic producer of a commodity and that
there are no imports of the good. The firmís total cost and demand curves are
given by the following two equations:

TC = 6Q + ∑05Q2 : Q = 360 - 20P

q) The government wishes to impose a maximum price of $14 on the
commodity. Assuming that the firm is a profit maximiser, what
quantity will it produce and what will be the level of its profits.

p.s. originally, p=15 and q=60

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Members