A firm sells its product in a perfectly competitive market, Ask an Expert

Economics

A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm's total costs are C(Q) = 50 + 10Q + 2Q2. (MC = 10 + 4Q).

a. What price should the firm charge in the short run?

b. How much output should the firm produce in the short run in order to maximize profits?

c. What are the firm's short run profits?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9470902

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