1. Assume a perfectly competitive market is represented by the functions Qd=-4p+ 400 and Qs=p. If a firm produces in this market subject to a total cost function of = TC 2Q2+25Q+ 100 determine the amount of revenue, the total cost, profit this firm will make. Note: this is not a realistic TC function, it is used for easy math purposes only)

1. Assume a perfectly competitive market is represented by the functions Qd=-4p+ 400 and Qs=p. If a firm produces in this market subject to a total cost function of = TC 2Q2+25Q+ 100 determine the amount of revenue, the total cost, profit this firm will make. Note: this is not a realistic TC function, it is used for easy math purposes only)

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 1QR

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