22 Jul WHAT ARE THE FIRMS SHORT RUN PROFITS?
A firm sells its product in a perfectly competitive market where other firms charge a price of $8 Show more A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firms total costs are C(Q) = 50 + 10Q + 2Q 2 . (MC = 10 + 4Q). a. What price should the firm charge in the short run? b. How much output should the firm produce in the short run in order to maximize profits? c. What are the firms short run profits? I know the first answer is is 80 but show be step by step directions to solve for 2 and 3 Show less
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