Question: COSTFUNCTION: I need help with C) and D) of this question. Pls see attached picture. Consider the following total cost function for an individual rm:

COSTFUNCTION:

I need help with C) and D) of this question. Pls see attached picture.

Consider the following total cost function for an individual rm: C (q) = 10 + q + 7:132. At what level of output is average cost at its lowest? Draw a graph showing firm average cost against quantity. Suppose that there is an industry with two identical rms, with this cost function. What is the industry total cost curve? What is the industry marginal cost curve? Suppose these two firms together act in a perfectly competitive manner. What is the price level in the case where these rms act perfectly competitively? What are the profits of the rms given perfectly competitive pricing

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