[Solution] A competitive firm has a short-run total cost function given by: SRTC = q 2 + 100 The corresponding short-run marginal cost function is: SRMC
Question: A competitive firm has a short-run total cost function given by: SRTC = q 2 + 100
The corresponding short-run marginal cost function is: SRMC = 2q
- If the market price is $60, how much output will the firm produce?
- Find the firm’s profits at this level of output.
- Find the equation of the firm’s short-run supply curve.
- If there are 100 identical firms in the market, find the equation of the industry supply curve.
Deliverable: Word Document 
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