The Hamilton Company is a member of a perfectly competitive industry. Like all members of the industry,
Question:
TC = 25,000 + 150Q + 3Q2
where TC is the firm's monthly total cost (in dollars) and Q is the firm's monthly output.
a. If the industry is in long-run equilibrium, what is the price of the Hamilton Company's product?
b. What is the firm's monthly output?
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Related Book For
Managerial Economics Theory Applications and Cases
ISBN: 978-0393912777
8th edition
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
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