Assume a firm is operating under perfect competition with the following total cost and demand curves: TC
Question:
Assume a firm is operating under perfect competition with the following total cost and demand curves:
TC =100 + 0.50 × Q2 P = 50
a. Find equilibrium price and quantity.
b. Is the firm making a profit or loss?
c. Is this a long-run or short-run equilibrium?
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