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1) Suppose we have the following functions:
Total Revenue (TR): TR = 1900Q â 20Q2
Total Cost (TC): TC = 16000 + 100Q + 10Q2
Q = output, P = price
a) Is this firm a perfect or imperfect competitor? How do you know? [If you get this wrong, you will get part c)
wrong too.]
b) Find Marginal Cost, Marginal Revenue, Average Cost, Average Revenue.
c) Find the equilibrium Price and Output and $ amount of Profit.
1) Suppose we have the following functions:
Total Revenue (TR): TR = 1900Q â 20Q2
Total Cost (TC): TC = 16000 + 100Q + 10Q2
Q = output, P = price
a) Is this firm a perfect or imperfect competitor? How do you know? [If you get this wrong, you will get part c)
wrong too.]
b) Find Marginal Cost, Marginal Revenue, Average Cost, Average Revenue.
c) Find the equilibrium Price and Output and $ amount of Profit.
acharyaLv3
15 Aug 2023
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Collen VonLv2
28 Jun 2019
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