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How much output should the firm produce in the short run

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Reference no: EM131447782

A firm sells its product in a perfectly competitive market where other firms charge a price of $90 per unit. The firm's total costs areC(Q) = 60 + 14Q+ 2Q2.

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 firm's short-run profits? $_________

d. What adjustments should be anticipated in the long run?

  • No firms will enter or exit at these profits.
  • Entry will occur until economic profits shrink to zero.
  • Exit will occur since these economic profits are too low.

Reference no: EM131447782

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