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Find the profit maximizing price and output for firm

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Reference no: EM131890045

A firm has a total cost of TC=0.5q2+15q+300 where q is its output, and faces a demand for its product given by q=100-3p where p is the price it charges.

a. Find the profit maximizing price and output for this firm.

b. Is it making a profit? If not, why does the firm keep producing in the short run?

c. If the state imposes a license fee of $100 on the firm, will it continue producing in the short run? How about the long run? Explain.

d. If the state taxes the firm at a rate of 0.2 per unit of output, so there is an additional cost of 0.2q what will happen to the firm's output and price in the short run? Explain.

Reference no: EM131890045

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