Answer to Question #230295 in Economics for Tina

Question #230295

Assume a perfectly competitive firm's short-run cost is TC = 100 + 160Q + 3Q2. If the market price is ETB 196, How much should it produce and what should it do for long run production?

Expert's answer

TC=100+160Q+3Q^2

MC=160+6Q

160+6Q=196

6Q=36

Q=6

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