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A firm produces a product in a competitive industry and has a total cost function (TC) of TC(q)=90+8q+2q2 and a marginal cost function (MC) of...
A firm produces a product in a competitive industry and has a total cost function (TC) ofTC(q)=90+8q+2q2and a marginal cost function (MC) of MC(q)=8+4q.At the given market price (P) of $18, the firm is producing 2.50 units of output.Is the firm maximizing profit? YES or NOWhat quantity of output should the firm produce in the long run?The firm should produce____unit(s) of output.
