The White Company is a member of the lamp industry, which is perfectly competitive. The price of
Question:
TC = 1,000 + 20Q + 5Q2
where TC is total cost (in dollars) and Q is hourly output.
a. What output maximizes profit?
b. What is the firm's economic profit at this output?
c. What is the firm's average cost at this output?
d. If other firms in the lamp industry have the same cost function as this firm, is the industry in equilibrium? Why or why not?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a MC 20 10Q Given that the firm is perfectly competitive then use the ...View the full answer
Answered By
Muhammad Mahtab
everyone looks that their work be perfect. I have more than a five year experience as a lecture in reputable institution, national and international. I provide perfect solution in marketing, case study, finance problems, blog writing, article writing, business plans, strategic management, human resource, operation management, power point presentation and lot of clients need. Here is right mentor who help clients in their multi-disciplinary needs.
3+ Reviews
14+ Question Solved
Related Book For 
Managerial Economics Theory Applications and Cases
ISBN: 978-0393912777
8th edition
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
Question Posted:
