perfect competition | profit maximization condition | P=MR=MC | P=min (AVC)

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Suppose that the firm operates in a perfectly competitive market. The market price of his

product is$10. The firm estimates its cost of production with the following cost function:

TC=2+10Q-4Q²+Q3

A. What level of out put should the firm produce to maximize its profit?

B. Determine the level of profit at equilibrium.

C. What minimum price is required by the firm to stay in the market?
  1. ECON MATHS
  2. perfect competition
  3. profit maximization condition in perfect competition
  4. price equals marginal cost equals marginal revenue
  5. price equal minimum average variable cost
  6. marginal cost
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Автор

Asalamualikum sir.
Please sir
Show us how tobin' q is derived.
And also tobin' q and investment

atharabass
Автор

Suppose the average revenue of a short run perfectly competitive firm is 2 and its
Marginal cost and fixed cost is given as: 𝑀𝐶 = 3𝑄
2 − 8𝑄 + 6 and TFC=10 then,
A. Derive the function of TC, AVC and TR
B. Calculate equilibrium price and quantity
C. Find the profit at the equilibrium point and identify whether the firm makes
positive profit, normal profits or incurs loss.
D. What price is needed for the firm to stay in the market?
E. Calculate the output at which marginal costs are minimized?

AbeTade-ygdr