A firm sells its product in a perfectly competitive market, Econometrics

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A firm sells its product in a perfectly competitive market

A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit.The firm's total costs are C ( Q) = 40 + 8Q +2Q2.

a.How much output should the firmproduce in the short run?

b. What price should the firm charge in the short run?

c. What are the firm's short-run profits?

d. What adjustments should be anticipated in the long run?

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Econometrics: A firm sells its product in a perfectly competitive market

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