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A perfectly competitive market is described by the demand Q = 60 - 2P and the supply curve Q = 5P - 10.
A firm in the market has a total cost equation of C = 16 + Q2 + 2Q
a. Calculate the equilibrium price in the market.
b. Calculate the profit-maximizing output for the firm.
c. Compute the firm's total profit.
d. Can this outcome persist in the long-run? Explain.
a. What is the price elasticity of demand for the firm's product? b. What is the income elasticity of demand for the firm's product?
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