May 26, 2016

Homework Help: Economics

Posted by hiten on Monday, November 29, 2010 at 1:27pm.

Suppose a perfectly competitive firm has a cost function described by
TC = 100 + Q2
The industry price is $100.
a. Find the profit maximizing level of output.
b. Is this a short-run or long-run situation? How do you know?
c. Assuming that this firmís total cost curve is the same as all other producers, find the long-run price for this good

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