Suppose there are 100 firms each with a short run total cost of STC = q2 + q + 10, so that marginal cost is MC = 2q +1. If market demand is given by QD = 1050 - 50P, profit to the firm will beQuestion 3Select one:a.5.b.6.c.15.d.9.
Question
Suppose there are 100 firms each with a short run total cost of STC = q2 + q + 10, so that marginal cost is MC = 2q +1. If market demand is given by QD = 1050 - 50P, profit to the firm will beQuestion 3Select one:a.5.b.6.c.15.d.9.
Solution
The question seems to be incomplete. It doesn't specify what we need to find about the profit to the firm. However, I can help you understand how to approach this problem.
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First, we need to find the price (P) using the demand function. To do this, we need to know the quantity (Q) which is usually determined by the intersection of the demand and supply curves. In this case, it's not provided.
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Once we have the price, we can find the total revenue (TR) which is price times quantity (P*Q).
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Then, we can find the total cost (TC) using the short run total cost function (STC = q^2 + q + 10) by substituting the quantity (q) into the function.
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Finally, we can find the profit by subtracting the total cost from the total revenue (Profit = TR - TC).
Without the complete information, we can't find the exact profit to the firm.
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