1. There are 300 identical firms in a perfectly competitive market, the price of the output is p, the short-run cost function of a typical firm in the market is as follows: C(q) = q³-2q²+2q+10 a. What...

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1. There are 300 identical firms in a perfectly competitive market, the price of the output is<br>p, the short-run cost function of a typical firm in the market is as follows:<br>C(q) = q³-2q²+2q+10<br>a. What is this firm's (short-run) marginal cost function?<br>b. What is this firm's (short-run) average variable cost function?<br>c. What is this firm's (short-run) supply function?<br>d. If p = 17, what is this firm's maximum profit?<br>

Extracted text: 1. There are 300 identical firms in a perfectly competitive market, the price of the output is p, the short-run cost function of a typical firm in the market is as follows: C(q) = q³-2q²+2q+10 a. What is this firm's (short-run) marginal cost function? b. What is this firm's (short-run) average variable cost function? c. What is this firm's (short-run) supply function? d. If p = 17, what is this firm's maximum profit?

Jun 11, 2022

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1. There are 300 identical firms in a perfectly competitive market, the price of the output is p, the short-run cost function of a typical firm in the market is as follows: C(q) = q³-2q²+2q+10 a. What...

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