A competitive firmrsquos cost of production is cq 16q

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A competitive firmrsquos cost of production is cq 16q - q2

A competitive firm’s cost of production is C(Q) = 16Q - Q2 + 4Q3.

For parts (p) and (q), suppose that the market demand falls to Q* = 256 -16P.

(p) Draw this market demand curve on a diagram that includes the market supply function.

(q) Calculate the market equilibrium How much output does each individual firm produce in the market equilibrium? (This is slightly tricky.) Calculate the individual firms’ profits.

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Business Economics: A competitive firmrsquos cost of production is cq 16q - q2

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Business Economics: A competitive firmrsquos cost of production is cq 16q - q2

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