Posted by **hiten** on Monday, November 29, 2010 at 1:27pm.

Suppose a perfectly competitive firm has a cost function described by

TC = 100 + Q2

The industry price is $100.

a. Find the profit maximizing level of output.

b. Is this a short-run or long-run situation? How do you know?

c. Assuming that this firm’s total cost curve is the same as all other producers, find the long-run price for this good

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