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a. Assume that the market price is established by the following equations: Supply Curve: P = 10 - 2Q + 0.15Q2 Demand Curve: P = 14.6 - 0.8Q Where P is price and Q is Quantity of output of a particul…

a. Assume that the market price is established by the following equations:

Supply Curve: P = 10 - 2Q + 0.15Q2

Demand Curve: P = 14.6 - 0.8Q



Where P is price and Q is Quantity of output of a particular commodity.

Assume also that a particular firm is operating under perfect competition and that its cost and revenue functions are:



TC = 10Q – Q2 + 0.05Q3

TR = PQ



Where TC is total cost, TR is total revenue and P is price.



i. Find the… Continue

Added by mimie on September 9, 2009 at 4:26am — No Comments

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