Illustrate what price should firm charge in short run

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Reference no: EM1371303

Q. A firm sells its product in a perfectly competitive market where or firms charge a price of $80 per unit. Firm's total costs are C(Q) = 40 + 8(q) + 2(Q)^2.

a. Explain how much output should firm produce in short run?

b. Illustrate what price should firm charge in short run?

c. Illustrate what are firm's short-run profits?

d. Illustrate what adjustments should be anticipated in long run?

Reference no: EM1371303

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