A firm operating in a competitive market has the following long run total cost function TC = Q3 −...

Question

A firm operating in a competitive market has the following long run total cost function TC = Q3 − 24Q2 + 200Q Find the long run equilibrium price for this good.A firm operating in a competitive market has the following production function Q = 30L2 − L3 If this firm uses 18 units of labor and the price of the good in the market is $20, what wage must this firm pay its workers? If this firm’s fixed cost is 30,000, what is its profit?

Komalavalli · Accepted Answer

For a competitive firm MC = Price of the good
Price of the good = 20
Q = 30 L2-L3
Labor L = 18
Q = 30*(18)2-183
Q = 30*324-5832
Q = 9720-5832
Q = 3888
Total cost = 30,000+20Q
Total cost for producing 3888 Q = 30,

A firm operating in a competitive market has the following long run total cost function TC = Q3 − 24Q2 + 200Q Find the long run equilibrium price for this good.A firm operating in a competitive market...

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