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October 20, 2014

Homework Help: Economics

Posted by Special on Friday, November 20, 2009 at 1:42pm.

The cost function for a firm is given by TC = 500 + Q2. The firm sells output in a
perfectly competitive market and other firms in the industry sell at a price of $100.

a) What price should the manger of this firm put on its product?

b) What level of output should be produced to maximize profits?

c) How much profit will be earned?

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