SOLUTION: DePaul University Firm Sunk Costs Questions

πŸ˜€ Hi there! I completed the assignment! πŸ˜€ I’m aiming to be a 5 starts tutor, hence feel free to send me any questions and to review what ever I did. I will be willing to fix it asap.Review Problems – selecting the optimal quantity to produce1. A competitive firm faces the following market price: P=200. Production costs areC(Q)=Q^2. The firm also pays $7000 in costs that do not depend on production (even ifq=0). Hint – the derivate of Q^2 with respect to Q is 2Q.a. What are the sunk costs, the fixed (but not sunk) costs, and the variable costsfor this firm?Sunk cost: $7000No fixed cost.𝑽π‘ͺ(𝑸) = π‘ΈπŸb. Calculate economic profits.𝝅𝒆 = 𝟐𝟎𝟎 βˆ— 𝑸 βˆ’ π‘ΈπŸSunk costs are not taken into account…

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