22 Jul HOW MUCH OUTPUT SHOULD THE FIRM PRODUCE IN THE SHORT RUN?
A firm sells its product in a perfectly competitive market where other firms charge a price of $130 Show more A firm sells its product in a perfectly competitive market where other firms charge a price of $130 per unit. The firms total costs are C(Q) = 40 + 10Q + 2Q 2 . a. How much output should the firm produce in the short run? units b. What price should the firm charge in the short run? $ c. What are the firms short-run profits? $ d. What adjustments should be anticipated in the long run? Entry will occur until economic profits shrink to zero. No firms will enter or exit at these profits. Exit will occur since these economic profits are too low. Show less
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