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A watchmaking firm operating in a competitive market

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Reference no: EM13697502

Suppose you are the manager of a watchmaking firm operating in a competitive market. Your cost of production is given by.
C=100+2q2

Where q is the level of output and C is total cost.(The marginal cost of production, MC(q), is 4q; the fixed cost, FC, is $100)

If the price of a watch is $120, how many watches should you produce to maximize profits?

You should produce _____watches.

What will the profit level be?
Profit will be $________.

At what minimum price will the firm produce a positive output?
In the short run, the firm will produce if price is greater $_______per watch

Reference no: EM13697502

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