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kirza4 [7]
2 years ago
6

A firm operates in a perfectly competitive industry. Suppose it has a short run total cost function given by TC= 10000 +0.04q2 .

If the market price is 56, the firm's profit-maximizing quantity is? __________
Business
1 answer:
iren2701 [21]2 years ago
6 0

Answer:

700

Explanation:

The condition for maximizing profits is Marginal cost = Price.

1. We need to calculate the marginal cost, which is the first derivative of the total cost function.

  • marginal cost = (TC=10000+0.04q2=) '

  • MC=0.08q

2. Now, we equalize the MC to the price and solve for q.

0.08q=56

q=56/0.08

<h2>q=700</h2>

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Answer:

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