question archive You are a manager in a firm in a perfectly competitive market
Subject:EconomicsPrice: Bought3
You are a manager in a firm in a perfectly competitive market. The price is $14. Your total cost curve is C(Q) = 10 + 4Q + 0.5Q2. (MC = 4 + Q)
a. What price should you charge in the short run?
b. What is the optimal quantity?
c. What level of profits will you make in the short run?
d. What will happen in the long run if there is no change in the demand curve?