A representative firm with short- run total cost given by TC = 20 + 20q + 5q2 operates in a competit
Question: A representative firm with short- run total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short- run market demand and supply curves are given by QD = 1,400 − 40P and QS = −400 + 20P.
(a) If the firm is perfectly competitive, what is the optimum output rate?
(b) At this output rate, what is the profit?
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Solution Format: Word Document
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