Total Cost | Definition, Formula & Calculation
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Study.comAaron Hill
Total Cost | Definition, Formula & Calculation
What is total cost in economics? Learn how to calculate total cost using the total cost formula. See the definitions of total fixed cost and total variable cost.
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SOLVED: A Firm's total cost function is given as follows: C=Q^2 4Q 200, where C=total cost (in dollars) and Q=quantity (units of output). If this is a perfectly competitive firm and the market price for its product is P=32.00 per unit: A) What will be the firm's optimal (or profit-maximizing) level of output? B) At this output rate, what are its total profits (or losses)? C) Derive the firm's short-run supply curve. D) If there are 100 identical firms, what is the industry supply? E)In the long
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SOLVED: A Firm's total cost function is given as follows: C=Q^2 4Q 200, where C=total cost (in dollars) and Q=quantity (units of output). If this is a perfectly competitive firm and the market price for its product is P=32.00 per unit: A) What will be the firm's optimal (or profit-maximizing) level of output? B) At this output rate, what are its total profits (or losses)? C) Derive the firm's short-run supply curve. D) If there are 100 identical firms, what is the industry supply? E)In the long
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