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1) A firm has a total cost of TC=0.5q2+15q+300 where q is its output, and faces a demand for its product given by q=100-3p where p is the price it charges.
a. Find the profit maximizing price and output for this firm.
b. Is it making a profit? If not, why does the firm keep producing in the short run?
c. If the state imposes a license fee of $100 on the firm, will it continue producing in the short run? How about the long run? Explain.
d. If the state taxes the firm at a rate of 0.2 per unit of output, so there is an additional cost of 0.2q what will happen to the firm's output and price in the short run? Explain.
The daily cost of producing pizza in New Haven is C(Q) = 4Q + (Q2/40); the marginal cost is MC = 4 + (Q/20). There are no avoidable fixed costs. What is the market supply function if there are 10 firms making pizza? If 20 firms are making pizza? What..
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