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Please answer question Number 2. I am completely confused
I. Fillin the remaining cells of the table. Assume perfectly competition This firm sells its product for $150 20042AFC ao 240 AVC Profit 100 eo 20 140 60 180 4 360 240 30 380 24 20 25o 240 140 6 660 540 160 2. STC = 40+ 10Q + 0.1 Q2. SM C = 10 + 0.2Q. The market price is $20. a. Find the profit maximizing Q. b. Calculate the maximum profit. c. Find the average variable cost. d. In the short run, at what price will this firm close? e. Find the firms short run supply curve and express it as a function of price: Q(P)-?
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Answer #1

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Can answer only 4 parts according to HOMEWORKLIB POLICY

1 profit maximizing Q is 4 where p=Mc=20

2 profit=revenue-cost=4(20)-360=-180

3 you have already calculated AVC. Simply TVC/units of output

4 if price falls below 40 I. E minimum point of Avc

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