(All Steps) A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm's total costs are C(Q)=40+8
Question: A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm's total costs are \(C(Q)=40+8 Q+ 2Q^2\).
- How much output should the firm produce in the short run?
- What price should the firm charge in the short run?
- What are the firm's short-run profits?
- What adjustments should be anticipated in the long run?
Deliverable: Word Document 
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