6 Suppose that an economist working for firm operating in a competitive market has estimated the firm 's total cost function to be C (Q) 450 15Q 2Q 2 and a marginal cost function MC (Q) 15 4Q If the forecasted price of the firm 's output is $115 (4 pts each) a How much output would the firm produce...

To determine the output level at which the firm would produce we need to find the quantity where mar ...

6. Suppose that an economist working for firm operating in a competitive market has estimated the firm's

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6. Suppose that an economist working for firm operating in a competitive market has estimated the firm's total cost function to be:

C(Q)=450+15Q+2Q²and a marginal cost functionMC(Q)=15+4Q.

If the forecasted price of the firm's output is $115 (4 pts each)

a. How much output would the firm produce?

b. How much profit (loss) will the firm make?

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Managerial Economics Foundations of Business Analysis and Strategy

ISBN: 978-0078021909

12th edition

Authors: Christopher Thomas, S. Charles Maurice

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Posted Date: Apr 29, 2024 03:28 PM

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6. Suppose that an economist working for firm operating in a competitive market has estimated the firm's

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