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Find the marginal cost function

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Reference no: EM133083707

Question 1

Suppose a farmer is a price taker (i.e. perfectly competitive) for soybean sales with a cost function given by Chapter 8.

TC=0.1q2 +2q+100.

Find the marginal cost function.

What is this firms supply function?

Hint: Supply function expresses q (quantity) as a function of P (price).

What is the profit maximizing level of output in the long-run?

What is the long-run profit for this firm?

Suppose the farmer has to purchase a license for $50 per period in order to stay in business. In this case, what is its marginal cost function?

Reference no: EM133083707

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