Blog

Tap into our never ending pot of knowledge

You are the manager of a firm that has an exclusive license to produce your product. The inverse market demand curve is: P=350-20Q, the cost function is Cq= 10+30Q Be sure to show your work What is yo

You are the manager of a firm that has an exclusive license to produce your product. The inverse market demand curve is:

You are the manager of a firm that has an exclusive license to produce your product. The inverse market demand curve is:  P=350-20Q, the cost function is Cq= 10+30QBe sure to show your workWhat is your firm’s MR function? What is your firm’s MC function? How much should your firm produce? What price should your firm charge? What will profits be in the short run be? Carefully explain what you except to happen to profits in the long run.

Share this post

Leave a Reply

Your email address will not be published. Required fields are marked *