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Competitive firm has a short run total cost function given by:

SRTC = q^2 + 100

The corresponding short run marginal cost function is:

SRMC = 2q

a. If the market price is 60, how much output will th efirm produce?

b. Find the firms profits at this level of output

c. Find the equation of the firms short run supply curve

d. If there are 100 identical firms in the market, find the equation of the industry supply curve.


Thanks in advance

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Darryn D'Souza
Darryn D'SouzaLv10
28 Sep 2019

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