What is this firm’s marginal cost function

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Reference no: EM131335831

1. Suppose a firm faces the inverse demand curve P = 600Q^-?0.5 . The firm has the total cost curve TC = 1,000 + 0.5Q1.5 . Find the firm's profitmaximizing output, price, and profit.

2. Consider a firm in a perfectly competitive market with total costs given by
TC = Q³ - 15 Q² + 100Q + 30

a. What is this firm's marginal cost function? Over what range of output are the firm's marginal costs decreasing? Increasing?

b. Suppose that the market price is $52. What is this firm's profit-maximizing level of output? How do you know this is the profit-maximizing output? How much profit does this firm earn by producing the profit-maximizing output?

Reference no: EM131335831

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