Suppose a competitive firm has cost function: C(q) = a + bq + cq 2 + dq
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Question:
- Suppose a competitive firm has cost function: C(q) = a + bq + cq2 + dq3, where a,b,c,d are constants.
- What is the marginal cost function?
- What is the firm’s variable and average cost of output, in terms of q?
- What is the firm’s fixed cost?
- What is the firm’s profit maximization condition?
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