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Assume the following regarding a firm in perfect

Question - Assume the following regarding a firm in Perfect Competition:

Market Demand = Qd = 480 - 5 P

Market Supply = Qs = 12 P

Each identical firm has:

MC = 5 q

ATC = 22

1. What price will the firm charge?

2. What is the firm's equilibrium quantity?

3. What is the firm's total cost?

4. What is the firm's total revenue?

5. What is the firm's profit or loss?

6. Is the firm in a short-run or long-run situation?

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Microeconomics: Assume the following regarding a firm in perfect

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