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What is the firm average cost function

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Reference no: EM131716856

Suppose your firm's long-run total cost function (in a perfectly competitive market) is given by: C(q) = 12 + 3q^2 - 2q.

a. What is the firm's average cost function?

b. What is the firm's marginal cost function?

c. What is the firm's profit-maximizing equilibrium quantity in the long-run? Explain what you are doing to find it and why.

d. What is the long-run equilibrium price?

e. What is the firm's long-run supply curve, that is, quantity supplied as a function of price. (Remember there is no sunk fixed cost in the long-run. The constant term in the cost function is a quasi-fixed cost.)

Reference no: EM131716856

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