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Category > Economics Posted 03 May 2017 My Price 6.00

competitive firmâs marginal cost of producing output

Suppose that a competitive firmâs marginal cost of producing output q is given by MC(q)=3+2q. Assume that the market price of the firmâs product is $9.

 

a)     What level of output will the firm produce to maximize profit?

b)     What is the firmâs producer surplus?

c)     Suppose that the average variable cost of the firm is given by AVC(q)=3+q. Suppose that the firmâs fixed costs are known to be $3. What is the firmâs profit level? 

 

Use graphs to explain answers, if applicable

Answers

SuperTutor
(15)
Status NEW Posted 03 May 2017 08:05 AM My Price 6.00

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