The firms production manager claimsthat the firms average, Econometrics

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The firms production manager claimsthat the firms average

A firmuses a single plant with costs C = 160 + 16Q + .1Q^2 and faces theprice equation P = 96 - .4Q

a. Find the firm's profit-maximizing priceand quantity. What is its profit?

b. The firm's production manager claimsthat the firm's average cost of production is minimized at anoutput of 40 units. Furthermore, she claims that 40 units is thefirm's profit-maximizing level of output. Explain whetherthese claims are correct.

c. Could the firm increase its profit by using asecond plant (with costs identical to the first) to produce theoutput in part (a)?

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Econometrics: The firms production manager claimsthat the firms average

Reference No:- TGS0583031

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Request for Solution File

Ask an Expert for Answer!!

Econometrics: The firms production manager claimsthat the firms average

Reference No:- TGS0583031

Recent Questions Asked Econometrics

Q : Daily commuter demand is variable yet stable and known

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