Consider a market with only one firm that has a cost function C(Q) = Q +2Q....

 

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Consider a market with only one firm that has a cost function C(Q) = Q² +2Q. Since, there is only one firm in the market, the price depends on the quantity produced by the firm. The relationship between the price and quantity is given by the demand function of the good, which is described by Q = 14 - P. What is the optimal quantity sold and the price per unit of the good chosen by the profit maximizing firm? (a) P = 10, Q 10, Q = 4 (b) P = 8, Q = 6 (c) P = 11, Q = 3 (d) P = 7, Q = 7 Consider a market with only one firm that has a cost function C(Q) = Q² +2Q. Since, there is only one firm in the market, the price depends on the quantity produced by the firm. The relationship between the price and quantity is given by the demand function of the good, which is described by Q = 14 - P. What is the optimal quantity sold and the price per unit of the good chosen by the profit maximizing firm? (a) P = 10, Q 10, Q = 4 (b) P = 8, Q = 6 (c) P = 11, Q = 3 (d) P = 7, Q = 7

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Giron Market with Only One firm has Cost function CaQ2 29 ... View the full answer