SophiaPretty

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About SophiaPretty

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Accounting,Algebra,Applied Sciences,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Communications,Computer Science,Economics,Engineering,English,Environmental science,Essay writing Hide all
Teaching Since: Jul 2017
Last Sign in: 304 Weeks Ago, 1 Day Ago
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  • MBA,PHD, Juris Doctor
    Strayer,Devery,Harvard University
    Mar-1995 - Mar-2002

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  • Manager Planning
    WalMart
    Mar-2001 - Feb-2009

Category > Economics Posted 06 Sep 2017 My Price 9.00

The attached spreadsheet has 2 questions

Firm in Perfect Competition
A firm in a perfectly competitive market has the following total cost function: STC = 20 + 6Q - 1.12Q 2 + 0.09Q3, where Q is the firm's output (in 000s). Market price is $7.
Use this information to answer the questions below. a. Write the expression (in terms of Q) for marginal cost (MC).
MC= 1 (6) Q0 - 2 (1.12) Q1 + 3 (0.09) Q2
MC= 6 - 2.24 Q + 0.27 Q2 b. What level of production (quantity) will the firm choose to maximize profit?
NOTE: You will need to use the Quadratic Formula. Round the profit-maximizing quantity to three decimal places. c. Enter a formula to calculate the firm's average total cost at the profit-maximizing quantity.
Average Total Cost: d. Using answers from above, enter a formula to calculate the firm's profit (in 000s).
Profit:

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SophiaPretty
(5)
Status NEW Posted 06 Sep 2017 07:09 AM My Price 9.00

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