Essay
Suppose a firm has the following total cost function: TC = 100 + 4q2.What is the minimum price necessary for the firm to earn profit? Below what price will the firm shut down in the short run?
Correct Answer:
Verified
AC = 100/q + 4q.This is minimized when d...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Related Questions
Q42: Q43: Suppose a competitive firm's total revenue is Q44: If a profit-maximizing firm finds that,at its Q45: If a competitive firm finds that it Q46: Even though fixed costs do not affect
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents