Homework Answers
Answer
the firm produces at MC=P
MC is a change in the total cost and it is found by the differentiation of the total cost function
MC=8q
now equating with price
8q=16
q=2 units
Profit=TR-TC
TR=P*Q=16*2=32
TC=4*2^2=16
Profit=32-16=$16
the profit is $16
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