Assume a competitive firm faces a market price of $60, a cost curve of:C = 0.004q³ + 50q + 750,MC = 0.012q² + 50.The firm's profit maximizing output level is units (enter your response rounded to two decimal places), and the per unit profit at this output level is $two decimal places-include the minus sign if necessary).and a marginal cost of:This firm willin the short-run. The firm will realizeIn the long-run, if circumstances do not change, this firm will(enter your response rounded to

The profit-maximizing output is the level of production at which a firm achieves its highest level…

Assume a competitive firm faces a market price of $60, a cost curve of: and a marginal cost of: This firm will MC = 0.012q² + 50. The firm's profit maximizing output level is units (enter your response rounded to two decimal places), and the per unit profit at this output level is $(enter your response rou two decimal places-include the minus sign if necessary). in the short-run. The firm will realize C=0.004q³+50q In the long-run, if circumstances do not change, this firm will + 750,

Assume a competitive firm faces a market price of $60, a cost curve of: and a marginal cost of: This firm will MC = 0.012q² + 50. The firm's profit maximizing output level is units (enter your response rounded to two decimal places), and the per unit profit at this output level is $(enter your response rou two decimal places-include the minus sign if necessary). in the short-run. The firm will realize C=0.004q³+50q In the long-run, if circumstances do not change, this firm will + 750,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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