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A firm has the total cost function C(q) = F+25q+5q^(2) . Its marginal cost function is MC(q) = 25+10q. The inverse demand for the firm's market is: P(q) = A-(0.5)q and F = 200.
A) What are the long-run average and avoidable cost functions?
B) What is the profit maximizing level of output?
C) What is the lowest price at which the firm would participate in the long-run?
D) What is the lowest price at which the firm would participate in the short-run?
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