micro economics theory 2

a watch making firm operating in a competitive market.given by c= 100+ q2., where q is the level of output & c is total cost.

a.the price of watches is birr is 60, how many watches produce to maximize profit?

b.what will your profit level be?


c.at what minimum price will you produce a positive output?

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  1. Suppose the fixed costs at a widget factory are $500.00 and variable costs per widget are as indicated. Compute the total average costs for each of the following:
    Producing 10 widgets when the variable cost is $10 per widget
    Total Cost = $ __100_______
    Average Cost = $ _________

    Producing 20 widgets when the variable cost is $15 per widget
    Total Cost = $ _________
    Average Cost = $ _________

    Producing 100 widgets when the variable cost is $20 per widget
    Total Cost = $ _________
    Average Cost = $ _________

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