Determine maximum level of profits and output level
Suppose a firm in a competitive industry has MC = 20 + 10Q, AVC = 20 + 5Q and TFC = 250. Determine the following:
a. Total Cost Function.b. Maximum level of profits and output level when price equals $100.
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Suppose a firm in a competitive industry has MC = 20 + 10Q, AVC = 20 + 5Q and TFC = 250. Determine the following: Maximum level of profits and output level when price equals $100.
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