The Burr Corporation's total cost function (where TC is the total cost in dollars and Q is
Question:
TC = 200 + 4Q + 2Q2
a. If the firm is perfectly competitive and the price of its product is $24, what is its optimal output rate?
b. At this output rate, what is its profit?
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Step by Step Answer:
a Given that the firm is perfectly competitive use the P MC rule That is set MC ...View the full answer
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Related Book For 
Managerial Economics Theory Applications and Cases
ISBN: 978-0393912777
8th edition
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
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