Firm’s economic profit at this output

| June 19, 2015

Firm’s economic profit at this output

C it.‘-Ii-Lite Company is a member of the lamp industry, which is perfectly
mpegjtive. The price of a lamp is $50. The firm’s total cost function is
co
TC = 1,000 + 2oQ + 5Q2

here TC is total cost (in dollars) and Q is hourly output.

i what output maximizes profit?

What is the firm’s economic profit at this output?

I what is the firm’s average cost at this output?

th fi ms in the lamp industry have the same cost function as this
er 1′
filfrmo ’5 the industry in equilibrium? Why or why not?
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