Product in perfectly competitive market

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Reference no: EM13732344

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 + 12Q + 2Q2.

a. How much output should the firm produce in the short run?

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

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

d. What adjustments should be anticipated in the long run?

Reference no: EM13732344

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