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 + 8Q + 2Q2.a. 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?d. What adjustments should be anticipated in the longrun?

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