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What is the firms supply function

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Reference no: EM131505026

Question: A firm in perfect competition faces the following total cost function:

C = 250X - 20X2 + 2X3

(a) What is the firm's supply function?

(b) At what output is marginal cost minimised?

(c) What is the firm's long-run equilibrium output and, assuming that every firm has the same cost function, price?

(d) In this long-run equilibrium, what is the value of profits?

(e) The firm is now a monopolist, with demand curve p = 550 - 10X. What are equilibrium price, output and profit?

Reference no: EM131505026

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