Reference no: EM13152123
Suppose that a typical firm in a perfectly competitive industry has the following total cost curve:
TC = 10 + 17 Q - 4 Q2 + Q3
a. If the market price of the product is $20, what will be the profit-maximizing level of output?
Will the firm earn a profit, and if so, how much?
b. If the market price stays the same, but the fixed costs of the firm increase so that the total cost
function becomes:
TC = 18 + 17 Q - 4 Q2 + Q3
What will be the profit-maximizing level of output?
Will the firm earn a profit, and if so, how much?
Will this firm want to stay in business in the short-run?
Will this firm want to stay in business in the long-run?
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