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Operating in a perfectly competitive environment

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Reference no: EM131695362

Total Costs for a firm are given by: TC = 3Q2 + 5Q.

Marginal Costs for that same firm are given by: MC = 2*3Q + 5. 

If this firm is operating in a perfectly competitive environment and is a price-taker, what would their total profits be if the market price was $32.28? 

Hint: Remember the firms produce where MC = P. Their revenue is P*Q, and profits are revenue minus total costs. 

Round your answer to two decimal places. Do not include a $ sign.

Reference no: EM131695362

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