a firm sells its product in a perfectly competitive market where other firms charge

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June 8th, 2024

1. a firm sells its product in a perfectly competitive market where other firms charge a price of $110 per unit. the firms total costs are C(q)=70_14Q+2Q^2. MC=14+4Qa. 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 firm’s short-run profits?2. suppose an industry is characterized as a monopoly. the monopolists cost curve is given as C(Q)=100+2Q^2. MC=4Q. the industrys demand curve is P=90-2Q.a. find the profit maximizing level of price and quantity for the monopolist.b. calculate the level of profits earned by the monopolist.

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