Virginia Tech ECON ECON 2005 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 + 0.5Q 2 . (MC = 4 + Q) a.
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?
-A. Some firms will leave the market eventually.
– B. Some firms will enter the market eventually.
– C. There will be neither entry nor exit from the market.
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