Assume a competitive firm faces market price

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Assume a competitive firm faces a market price of $60, a cost curve of C = 0.003q^3 + 25q + 750, and a marginal cost of curve of: MC = 0.009q^2 + 25.

The firm's profit maximizing output level (to the nearest tenth) is ___units, and the profit (to the nearest penny) at this output level is $____.

This will cause the market supply to (shift right/shift left). This will continue until the price is equal to the minimum average cost of $____.

Reference no: EM131089580

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