Assume a competitive firm faces a market price of $60, a cost curve of:C = 0.004q³ + 50q + 750,MC = 0.012q² + 50.The firm's profit maximizing output level is units (enter your response rounded to two decimal places), and the per unit profit at this output level is $two decimal places-include the minus sign if necessary).and a marginal cost of:This firm willin the short-run. The firm will realizeIn the long-run, if circumstances do not change, this firm will(enter your response rounded to

The profit-maximizing output is the level of production at which a firm achieves its highest level…

Assume a competitive firm faces a market price of $60, a cost curve of: and a marginal cost of: This firm will MC = 0.012q² + 50. The firm's profit maximizing output level is units (enter your response rounded to two decimal places), and the per unit profit at this output level is $(enter your response rou two decimal places-include the minus sign if necessary). in the short-run. The firm will realize C=0.004q³+50q In the long-run, if circumstances do not change, this firm will + 750,

Assume a competitive firm faces a market price of $60, a cost curve of: and a marginal cost of: This firm will MC = 0.012q² + 50. The firm's profit maximizing output level is units (enter your response rounded to two decimal places), and the per unit profit at this output level is $(enter your response rou two decimal places-include the minus sign if necessary). in the short-run. The firm will realize C=0.004q³+50q In the long-run, if circumstances do not change, this firm will + 750,

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter19: Externalities And Public Goods

Section: Chapter Questions

Problem 19.1P: A firm in a perfectly competitive industry has patented a newprocess for making widgets. The new...

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