Suppose a Firm Has the Following Total Cost Function: TC

question 59

Essay

Suppose a firm has the following total cost function: TC = 100 + 4q².What is the minimum price necessary for the firm to earn profit? Below what price will the firm shut down in the short run?

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Definitions:

Agricultural Societies

Are societies in which plows and animal power are used to substantially increase food supply and dependability as compared with horticultural and pastoral societies. Agricultural societies first emerged about 5,000 years ago.

Private Property

The legal right or interest that an individual has in a piece of property, distinctly marked by ownership rights, be it real estate or personal property.

Domestication of Animals

The process by which humans have modified the genes of animals over generations to live in close association with humans, often for the purpose of labor, companionship, or food.

Global Societies

Societies characterized by worldwide social relations, where cultural, economic, and political practices extend beyond national boundaries.