1. Suppose that a perfectly competitive firms’ Total Cost function is given by: SRTC(q) = 50 + 80q -10q2 + .6q3a. What is fixed cost equal to? What is Variable Cost equal to?b. What is Marginal Cost equal to? What is Average Variable Cost equal to?c. Below which market price (a number) will this firm choose to produce 0 output?d. Choose a market price that is between Average Cost and Average Variable Cost. Will the firm choose to produce a positive output level?Depict this output level in a graph that includes all theappropriate curves. Explain verbally (and with numbers) whether this firm would choose to produce the output you chose.e. What does it mean by a firm to be a price taker? What is theimplication of this for the individual firms’ demand curve?You must also mention in your answer the term elasticity (correctly of course).
We Write Essays for Students
Tell us about your assignment and we will find the best writer for your paper
Get Help Now!
PLACE THIS ORDER OR A SIMILAR ORDER WITH AMAZON PAPERS TODAY AND GET AN AMAZING DISCOUNT
The post 1. Suppose that a perfectly competitive firms appeared first on Wise Papers.
Welcome to originalessaywriters.com, our friendly and experienced essay writers are available 24/7 to complete all your assignments. We offer high-quality academic essays written from scratch to guarantee top grades to all students. All our papers are 100% plagiarism-free and come with a plagiarism report, upon request
Tell Us “Write My Essay for Me” and Relax! You will get an original essay well before your submission deadline.
