Question 7 Perfect Competition & Shut down A firm has the following profit function Profits(g) = R(q) - C(q) = 60q - [120+40q+10q?] 1. What is the level of output that maximizes the firm's profit (or...


Question 7 Perfect Competition & Shut<br>down<br>A firm has the following profit function<br>Profits(g) = R(q) - C(q) = 60q - [120+40q+10q?]<br>1. What is the level of output that maximizes the firm's profit (or minimizes its<br>loss)?<br>2. Find the firm's revenue<br>3. Find the firms variable cost<br>4. Find the firm's profit<br>

Extracted text: Question 7 Perfect Competition & Shut down A firm has the following profit function Profits(g) = R(q) - C(q) = 60q - [120+40q+10q?] 1. What is the level of output that maximizes the firm's profit (or minimizes its loss)? 2. Find the firm's revenue 3. Find the firms variable cost 4. Find the firm's profit
5. Explain why the firm should operate or shut down in the short run.<br>

Extracted text: 5. Explain why the firm should operate or shut down in the short run.

Jun 07, 2022
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