1. You are the manager of Everyday Tomatoes; hence your firm operates in a perfectly competitive market. The price in your market is $30 (per bushel). Your total cost curve is: C(Q) = 600 + 3Q2 (Q is 1 bushels).
2. 1. What level of output should you produce in the short run?
   2. What price should you charge in the short run?
   3. Will you make any profits in the short run?
   4. What will happen in the long run?

Answer rating: 100% (QA)

To determine the optimal level of output in the short run for a perfectly competitive market we need ... View the full answer