Question

A firm selling in a perfectly competitive market has estimated total cost as TC = 3,920 + 7Q + 0.2Q^2. Currently, the market price is $55 per unit. Find the firm's optimal output: At the price of $55, what is the perfect competitor's economic profit? If the market demand is Qx = 4,217.5 - 2.5Px, then the number of firms currently operating in the market is: d. What is your expectation for the future of this market? You must motivate your answer. Determine the firm's long-run profit-maximizing output and price. If the market demand continues to be Qx = 4,217.5 - 2.5Px, then the number of firms that will operate in this market in the long-run is:

          A firm selling in a perfectly competitive market has estimated total cost as TC = 3,920 + 7Q + 0.2Q^2. Currently, the market price is $55 per unit. Find the firm's optimal output: At the price of $55, what is the perfect competitor's economic profit? If the market demand is Qx = 4,217.5 - 2.5Px, then the number of firms currently operating in the market is: d. What is your expectation for the future of this market? You must motivate your answer. Determine the firm's long-run profit-maximizing output and price. If the market demand continues to be Qx = 4,217.5 - 2.5Px, then the number of firms that will operate in this market in the long-run is:

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