Assume a competitive firm faces a market price of ​$120​, a cost curve​ of:   C​ = 13q3 + 20q + 500​,   and a marginal cost​ of:   MC = q2 +20.   What is the​ firm's profit maximizing output​ level?   ?? Units ​(round your answer to two decimal​ places)   What is the​ firm's profit maximizing​ price?   ??? ​ (round to the nearest penny​)

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
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Assume a competitive firm faces a market price of ​$120​, a cost curve​ of:

 

C​ = 13q3 + 20q + 500​,

 

and a marginal cost​ of:

 

MC = q2 +20.

 

What is the​ firm's profit maximizing output​ level?

 

?? Units ​(round your answer to two decimal​ places)

 

What is the​ firm's profit maximizing​ price?

 

??? ​ (round to the nearest penny​)

 

What is the​ firm's profit?

 

???​ (round to the nearest npenny​)

 

In the​ short-run, this firm should ??

 

produce or shut down??

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