Unformatted text preview: PADP 6950 Fertig Fall 2011 UGA Homework 6 Due October 19, 2011 Suppose the total cost of producing widgets can be described by Y=10X2+100X+500 where Y is the total costs per year and X is the number of widgets. a. Draw the marginal cost curve, the average total cost curve, and the average variable cost curve. b. In a competitive market place, how much would the firm produce and what would be its level of profit if price were equal to $300? c. What is the lowest price at which the firm is willing to produce in the long run? ...
View
Full Document
 Spring '11
 Fergi
 Economics, Marketing, $300, average variable

Click to edit the document details