Suppose a perfectly competitive firm's total cost of production (TC) is:
TC (q) = q^3 - 10q^2 + 30q + 5,
and the firm's marginal cost of production (MC) is:
MC (q) = 3q^2 - 20q + 30.
The firm's short-run supply curve is given by
O P = q^2 - 10q + 30 + 5/q.
O P = 3q^2 - 20q + 30 for prices above $2.5.
O P = q^2 - 10q + 30 for prices above $5.
O P = 3q^2 - 20q + 30 for prices above $5.
O P = q^2 - 10q + 30 for prices above $10.
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Home » Business » Suppose a perfectly competitive firm's total cost of production (TC) is: TC (q) = q^3 - 10q^2 + 30q + 5, and the firm's marginal cost of production (MC) is: MC (q) = 3q^2 - 20q + 30.