If price in perfectly competitive market is $42. the firm has marginal cost curve equal to MC=2+20qs. a)what is the profit maximizing output. b)the firm is making profit in short run, in long run what will be the price and quantity. c)what will be the number of firm in long run? please answer in whole number for A. and words for b and c.

If price in perfectly competitive market is $42. the firm has marginal cost curve equal to MC=2+20qs. a)what is the profit maximizing output. b)the firm is making profit in short run, in long run what will be the price and quantity. c)what will be the number of firm in long run? please answer in whole number for A. and words for b and c.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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