[Solved] A representative firm with short- run total cost given by TC = 20 + 20 q + 5 q 2 operates in a competitive industry where the short- run market demand
Question:
A representative firm with short- run total cost given by
TC
= 20 + 20
q
+ 5
q
2
operates in a competitive industry where the short- run market demand and supply curves are given by
Q
D
= 1,400 − 40
P
and
Q
S
= −400 + 20
P
.
(a). If the firm is perfectly competitive, what is the optimum output rate?
(b). At this output rate, what is the profit?
Deliverable: Word Document 
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