Price as a market-determined constant

Reference no: EM13930333

In the model of perfect competition all firms are price-takers since they treat price as a market-determined constant. Firm Perfcomp's total revenue function is TR(Q)=P*Q in which P equals the output price. Assume that P=24 and the total cost function is TC(Q) =Q3-7.5Q2+36Q-10

Reference no: EM13930333

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Price as a market-determined constant : In the model of perfect competition all firms are price-takers since they treat price as a market-determined constant. Firm Perfcomp's total revenue function is TR(Q)=P*Q in which P equals the output price. Assume that P=24 and the total cost func..

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