Firm supply curvenbspcalculate the average cost and, Business Economics

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Firm supply curvenbspcalculate the average cost and

Firm Supply Curve

Suppose that the short-run cost function for a firm is TC (q) = 0.1q3 − 2q2 + 15q + 10.

1. Calculate the average cost and marginal cost.

2. From the firm profit maximization behavior, solve the firm’s short run supply curve.

3. Now consider the long run equilibrium in a perfectly competitive market. What are the conditions for the long run equilibrium to hold?

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