Assume a competitive firm faces a market price of $200, a cost curve of: and a marginal

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Assume a competitive firm faces a market price of $200, a cost curve of:

and a marginal cost of:

What is the firm's profit maximizing output level? 14 units. (round your answer to two decimal places)

What is the firm's profit maximizing price? $ 200. (round to the nearest penny)

What is the firm's profit? $7. (round to the nearest penny)

Related Book For answer-question

Economics Today

ISBN: 978-0132554619

16th edition

Authors: Roger LeRoy Miller

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Posted Date: Jun 03, 2019 05:04 AM

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Assume a competitive firm faces a market price of $200, a cost curve of: and a marginal

Question:

1 C = = 39³ +4q + 750, =q² +4. MC = 1 C = = 39³ +4q + 750, =q² +4. MC =

Expert Answer:

For a competitive firm profit maximizing condition is P MC Here P 200 and MC q 2 4 So q ... View the full answer

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