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Suppose a company that operates in a competitive market and whose short-term (short-run) production costs are given by the function: C (q) = q2 + 10q + 5, where "q" is its level of production and "C (q)" the total cost.
Suppose, in addition, that the price of the product is p = 20:
a) Calculate the production and the equilibrium profit of the company, as well as its functions of average cost, fixed cost and marginal cost;
b) Graphically indicate the supply curve of the company.
-Pindyck, R. andD. Rubinfeld (2001), Microeconomics,5th edition, Pearson-Prentice Hall, Madrid. (Chapter8). Chapter8,"The Maximization of Profits and Competitive Supply"
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