Question: micro economics problem set Consider a firm with total costs represented by TC=8+%2Q2 and a corresponding marginal cost of Q (MC=Q) 1) Graph the ATC

micro economics problem set

Consider a firm with total costs represented by TC=8+%2Q2 and a corresponding marginal cost of Q (MC=Q) 1) Graph the ATC and MC, be certain to label the lowest point of the ATC. Consider that the firm faces a price of $10, 2) Find the optimal quantity 3) Using the ATC/MC graph, find and diagram the total cost, total revenue, and any profit or loss at the optimal quantity

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