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Quiz 17 Perfect Comp. - (a Find out the quantity the firm...

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Shomu Banerjee ECON 201 PERFECT COMPETITION QUIZ A perfectly competitive firm has a cost function given by C ( q ) = 72 + 2 q + 1 2 q 2 . The marginal cost for this firm is MC ( q ) = 2 + q . The market price, P , for its product is $20.
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Unformatted text preview: (a) Find out the quantity the firm produces in the short-run, q* . (b) Find the profits of the firm, Π *. (c) What is this firm's shut down price? (d) What is this firm's short-run supply curve, q s ( P )?...
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