Condition for firms in competitive markets, Microeconomics

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Condition for firms in competitive markets

Analyze the two following situations for firms in competitive markets:

a. Suppose that TC=100 + 15q, where TC is total cost and q is quantity produce. What is the minimum price necessary for this firm to produce any output in the short run?

b. Suppose that MC=4q, where MC is marginal cost. The perfectly competitive firm maximizes profits by producing 10 units of out output. At what price does it sell these units?

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Microeconomics: Condition for firms in competitive markets

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Microeconomics: Condition for firms in competitive markets

Reference No:- TGS063183

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Analyze various ways in which property rights encourage

Q : Relative sales values at the split-off point

Q : What should she do over the long term

Q : How many units of q-chip would be sold

Q : Condition for firms in competitive markets

Q : Statistical theory related to sampling and control

Q : Explain beneficial externalities from college education

Q : Opportunity cost of producing a case of syrup

Q : What will sales be for the sporting goods division

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Ask an Expert for Answer!!

Microeconomics: Condition for firms in competitive markets

Reference No:- TGS063183

Recent Questions Asked Microeconomics

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Q : Relative sales values at the split-off point

Q : What should she do over the long term

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Q : Condition for firms in competitive markets

Q : Statistical theory related to sampling and control

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