Business, 10.04.2020 18:18, taysomoneyyy

Suppose that each firm in a competitive industry has the following costs:
Total Cost: TC=50+12q2
Marginal Cost: MC=q
where q is an individual firm's quantity produced.
The market demand curve for this product is:
Demand QD=120−P
where P is the price and Q is the total quantity of the good.
Each firm's fixed cost is
$50
.
What is each firm's variable cost?

Answers: 2

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Suppose that each firm in a competitive industry has the following costs:
Total Cost: TC=50+1...