Question: The cost function for a firm is , C ( Q ) = 5 + Q 2 . If the firm sells output in a

The cost function for a firm is ,C(Q)=5+Q2.
If the firm sells output in a perfectly competitive market and other firms in the industry sell output at a price of $20 :
what price should the manager of this firm charge?
What level of output should be produced to maximize profits? How much profit will be earned?
Q5 Explain why profit is maximised when MC=MR.
The cost function for a firm is , C ( Q ) = 5 + Q

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