1. A firm produces a product in a competitive industry and has a short-run total cost function C(q) =4q2+16.
a. Derive the supply function of the firm.
b. Find the output that minimizes average total cost.
c. At what range of prices will the firm produce a positive amount of output?
d. At what range of prices will the firm earn a negative profit
1. A firm produces a product in a competitive industry and has a short-run total cost function C(q) =4q2+16.
a. Derive the supply function of the firm.
b. Find the output that minimizes average total cost.
c. At what range of prices will the firm produce a positive amount of output?
d. At what range of prices will the firm earn a negative profit
