Question

A firm operating in a Perfectly Competitive Market has costs equal to C(Q) 7Q which of the following is the firms supply as function of price? b. Q 14P

0 0
Add a comment Improve this question Transcribed image text
Answer #1

A. P/14

Explanation: C(Q) = 7Q2

So, Marginal cost = d/dQ (7Q2) = 14Q.

In perfect competition, marginal cost = marginal revenie i.e. price

So, P = 14Q

i.e. Q = P/14

Add a comment
Know the answer?
Add Answer to:
A firm operating in a Perfectly Competitive Market has costs equal to C(Q) 7Q which of...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT