Solved: Determine the short-run profit maximizing level of output, Microeconomics

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Determine the short-run profit maximizing level of output

The total cost function for a noncompetitive firm is given as

TC = 2Q3:- 25Q2:+ 150Q + 400

Assume the market demand function is

P = 5000 - 30Q + 0.2Q2: Q 62.5

(a) Determine the short-run profit maximizing level of output for the firm and the market price.

(b) Find the normal profit level of output for the firm and the market price.

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Microeconomics: Determine the short-run profit maximizing level of output

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