A firm has total cost of TC(y)=y²+1 and marginal cost of MC(y)=2y. How much will the...

Question

Question

A firm has total cost of TC(y)=y²+1 and marginal cost of MC(y)=2y. How much will the firm supply at price $8?

business economics

Answer 1

Answer #1

P = MC is the firm supply equation.

P = 2y

Put P = 8

8 = 2y

y = (8 /2)

y = 4

Firm will supply 4 units of output at a price of $8.

Answer 2

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