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Costs and price in perfectly competitive firm

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A perfectly competitive firm encounters the following monthly costs and price.

TC = 5,625 + 5Q + 0.01Q2

ATC = 5 + + 0.01Q

MC = 5 + 0.02Q

P = 20.

a. What is the fixed cost of this firm?

b. What is the optimal output of this firm?

c. What is the economic profit or loss of this firm?

d. If there are 100 firms producing exactly the same amount like this firm, what will be the total monthly industry output?

Reference no: EM1367976

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