Consider a typical firm in a competitive market with cost funciton beingc(q) = 1 3 q 3+q+10. (a) derive average cost (ac), average variable cost (avc) and marginal cost (mc). (b) find the supply function. (c) assume that the price of the product is $10. find the level of output that maximize the profit and maximized profit. (d) assume that the market demand function is q = 30 − 2p, find the equilibrium price and quantity in this market.
answer; (d) i believe that the correct answer is ; /// a new invention lowers the cost of production;
since the options are not listed, when you are working on your budget you should also add water, tv, internet, miscellaneous and your 'fun' money for in your budget. when budgeting, you need to allow for fun money, and mis/accidental money so that you stick to the budget and not go crazy because you feel strapped to the budget.