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Suppose you are the manager of a small chemical company operating in a competitive market. Your cost of production can be expressed as C = 100 + Q2, where Q is the level of output and C is total cost.

a. Is this a short-run cost function?
b. What is the marginal cost function?
c. What is the level of total fixed cost?
d. If the price of chemicals is $60, what quantity of chemicals should be produced to maximize profit?
e. What will be the level of profits?

  • Economics/Math - ,

    Take a shot, what do you think?

    query. By Q2, do you really mean Q^2?

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