Firm's supply curve in a perfect competiton market
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A competitive firm producing a standardized product (Q) with the following marginal cost characteristic:
MC = $15 + 0.002Q.
Find supply (output) of this firm when price = $9 and when price = $19.
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Solution Summary
The solution discusses how In a perfectly competitive market, firm is a price taker and finds the supply of the firm when price is set at a certain point.
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In a competitive market this firm is a price taker. Its marginal cost (MC) is also its supply curve. Therefore, this firm will produce according to its MC given a market ...
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