If the cost function of Example 4 is changed to C = 20 + 15Q + Q (a) Find the new marginal-cost function. (b) Find the new equilibrium quantities. (Use fractions.) (c) Find the new equilibrium prices. (d) Verity that the second-order sufficient condition is met.

If the cost function of Example 4 is changed to C = 20 + 15Q + Q (a) Find the new marginal-cost function. (b) Find the new equilibrium quantities. (Use fractions.) (c) Find the new equilibrium prices. (d) Verity that the second-order sufficient condition is met.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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