A firm operates in a perfectly competitive market, facing a cost of producing q units equal to C(q)=q2+4q+50.
What is the firm's marginal cost? MC(q)= [ Select ] ["2q", "2q+4", "2q+8", "q+8", "q+4+50/q", "q+4"]
What is the firm's average cost? AC(q)= [ Select ] ["2q+4", "q+4+50/q", "q+4", "2q+8"]
If the market price is $20 per unit, how much output should the firm produce to maximize profit (or minimize its losses)? [ Select ] ["8", "16", "0", "4", "2", "6", "10"]
What is the firm's profit at this level of output? $ [ Select ] ["8", "14", "-50", "0", "24", "20"]
If there are 40 price taking firms in total in this market (all with that same cost function), and the demand function follows QD(P)=370−10P, answer:
What is the market supply curve? PS(Q)= [ Select ] ["20P-80", "P/2-2", "P-2", "20P-20"]
What is the equilibrium market price in the short run? [ Select ] ["18", "20", "22", "15", "10"]