What you do whenit is perfectly firm

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Q. Assume you are the manager of a perfectly competitive firm whose short run cost is TC = 100 + 160Q + 3Q2. If the market price is $196, what should you do?

Q. Assume that a firm's marginal cost is $10 and the elasticity of demand is -2. We can conclude that the firm's profit maximizing price is approximately
A:$20
B:$5
C:$10
D; the answer cannot be determined without additional information

Reference no: EM1357697

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