(Answered) Suppose the market for android smart phones is perfectly

Management Studies

Suppose the market for Android smart phones is perfectly competitive. All firms are identical with the same cost functions: T C = q 2 + 80q + 100, MC = 2q + 80, (q is the quantity produced by a representative firm).

The market demand is P = 150 - Q. (Q is market quantity).

(a) Given the above information: find the equation for FC, VC, ATC, and AVC.

(b) Determine q and P in the long run.

(d) Calculate the value of profits for a representative firm in the long run?

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