2024 – A competitive firm estimates its average variable cost function to be AVC 125 0 21Q 0 0007Q2 The
A Competitive Firm Estimates Its Average Variable Cost Function To Be – 2024
A competitive firm estimates its average variable cost function to be
AVC = 125 – 0.21Q + 0.0007Q2 .
The firm’s total fixed cost is $3,500.)
-At what level of output does the AVC reach its minimum? What is the AVC at this output level?
-Suppose the price of the product is P = $125. Determine the profit maximizing level of output? Compute the firm’s profit. If the firm is losing money, should it produce? Explain.
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