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A firm sells its product in a perfectly competitive market where other firm charges a price of $40 per unit. The firm's total costs are
C(Q) = 40 + 8Q + 2Q2.
a. How much should the firm produce in the short run?
b. What price should the firm charge in the short run?
c. What is the firm's short-run profit?
The intensive development effort needed to expedite the introduction can be very expensive. Revenues and costs associated with the new product
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