Commodity Inc. operates in a competitive market. Its total cost of production is

Question

Commodity Inc. operates in a competitive market. Its total cost of production is given by TC = 800 + 18 Q + 2 Q2, and thus its marginal cost is MC = 18 + 4 Q. The market price is currently P = $54. In the short run, the volume of output that maximizes Commodity Inc.'s profits is Answer Q = 18 Q = 0 Q = 54 Q = 9 Commodity Inc. operates in a competitive market. Its total cost of production is given by TC = 800 + 18 Q + 2 Q2, and thus its marginal cost is MC = 18 + 4 Q. The market price is currently P = $54. In the short run, the volume of output that maximizes Commodity Inc.'s profits is Q = 18 Q = 0 Q = 54 Q = 9 Q = 18 Q = 0 Q = 54 Q = 9

Explanation / Answer

Q= 54 Q= 54

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