6. A firm sells its product in a perfectly competitive market where other firms charge a price of $90.00 per unit. The firm's total costs are C(Q) = 50 + 10Q + 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 firms' short-run profits? d. What adjustments should be anticipated in the long run? e. Illustrate the short-run supply curve of the curve of the firm

6. A firm sells its product in a perfectly competitive market where other firms charge a price of $90.00 per unit. The firm's total costs are C(Q) = 50 + 10Q + 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 firms' short-run profits? d. What adjustments should be anticipated in the long run? e. Illustrate the short-run supply curve of the curve of the firm

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Only parts d and e is to be solved

6. A firm sells its product in a perfectly competitive market where other firms charge a
price of $90.00 per unit. The firm's total costs are C(Q) = 50 + 10Q + 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 firms' short-run profits?
d. What adjustments should be anticipated in the long run?
e. Illustrate the short-run supply curve of the curve of the firm

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