I'm tutoring a student in economics and I've honestly no idea how to do this problem:
Picture frames are produced in a perfectly competitive market. Each identical firm has a short
run total cost curve of TC = 10 + 14Q − 2Q^2 + 0.15Q^3 where Q is the quantity of picture
frames produced (in thousands per month).
a. What is the price below which a firm in the market will not produce an output in the short
run?
b. Derive the supply curve for a firm
I know I need to take the dervative from the TC but I don't know how to do that. Please does anyone know how to solve this? I have a Masters in accounting but I never went beyond algebra II lol Thank you!
Picture frames are produced in a perfectly competitive market. Each identical firm has a short
run total cost curve of TC = 10 + 14Q − 2Q^2 + 0.15Q^3 where Q is the quantity of picture
frames produced (in thousands per month).
a. What is the price below which a firm in the market will not produce an output in the short
run?
b. Derive the supply curve for a firm
I know I need to take the dervative from the TC but I don't know how to do that. Please does anyone know how to solve this? I have a Masters in accounting but I never went beyond algebra II lol Thank you!
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