Economist in competitive market-what will happen in long run

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Hank Yoon is the economist in a competitive market. The market price is $35 per item. The total cost equation is , and MC = 2 + Q a. What level of output of items should you produce in the short run? b. What price should you charge in the short run? c. Will you make any profits (Total Revenue minus Total Costs) in the short run? d. What will happen in the long run? How would your answers change if your costs were and MC = 5 + 60Q

Reference no: EM131112518

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