Chapter 6 Microeconomics review, Exercises of Microeconomics

Download Chapter 6 Microeconomics review and more Exercises Microeconomics in PDF only on Docsity! Enclose your student card or identity card at each page of your hand-writing answer and upload the picture of your answer on MS Team no later than 9.00am, January 5 th , 2024 . CHAPTER 6: REVIEW 1. Total cost function of a perfect competition firm is: TC = Q2 + Q + 100 a. At P = 27$, calculate Q*, MAX and PS b. Calculate the break-even point of this firm c. At P = 9$, should this firm close its business? d. Show this firm’s supply curve 2. A perfectly competitive firm has a cost function: ($) AVC = 2q + 4. At market price P = 24$, the firm loses 150$. Calculate this firm’s break- even point.