Question: Suppose your perfectly competitive firm's cost function is C(Q) = 60 + 14Q + 3Q 2 , where Q is output, and your competitors charge

Suppose your perfectly competitive firm's cost function is C(Q) = 60 + 14Q + 3Q², where Q is output, and your competitors charge a price of $86 per output. Clearly show your steps and (i) derive your firm's short-run profit function and (ii) with the derived profit function, calculate your firm's profit maximizing output and price in the short-run.

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