The supply of a perfectly competitive firm is given by Q5= P- 60. There are 500...

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The supply of a perfectly competitive firm is given by Q5= P- 60. There are 500 identical firms. Each firm's costs are given by TC= 250+60Q+0.5Q2 and MC= 60+Q. If equilibrium price in the market is $80, how much profit (r) does each firm make in the short run? O -$150 O $100 O $50 O $1,600 O $50 O s0 The supply of a perfectly competitive firm is given by Q5= P- 60. There are 500 identical firms. Each firm's costs are given by TC= 250+60Q+0.5Q2 and MC= 60+Q. If equilibrium price in the market is $80, how much profit (r) does each firm make in the short run? O -$150 O $100 O $50 O $1,600 O $50 O s0

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Answer We have given Q P 60 TC 250 60Q 05Q 60 Q Equilibrium Price 80 Requirement ... View the full answer