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Consider a firm that operates in the perfectly competitive

Question # 00621243
Subject: Economics
Due on: 11/24/2017
Posted On: 11/24/2017 04:59 AM

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Consider a firm that operates in the perfectly competitive salmon farming industry. The short-run total cost curve is TC(Q)=400+2Q+0.5Q^2,whereQ is the number of salmon harvested per month.

  1. What is the equation for the average variable cost (AVC)?
  2. Solve for the firm's operation condition, MC?AVC
  3. Assuming MC?AVC, what is the firm's short-run supply curve? Find the supply function, NOT the inverse supply function.
  4. In light of the answer in part 2, What is the minimum price at which the firm operates?

Tags competitive perfectly operates firm consider supply mcavc shortrun curve salmon function firm operates firms cost condition operation auming inverse price minimum answer light solve month industry total farming competitive perfectly tcq4002q05q2whereq number average equation consider

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