C https://moodle.Isu.edu/mod/quiz/attempt.php?attempt=4299678&cmid=1718474&page=10 At to Sign in Suppose your restaurant, K Street Grill 2.0, has decided to add a new item to the menu. Assume that it is a perfectly competitive market. The cost function is given by C =200 + q2 O The marginal cost is 2q + A. Based on this function, please respond to the following. 1) If this is a: O short run function O long run function 2) What the fixed cost is? B. If the price of the new item is $30, how many units would you produce to maximize profit? C. What is the total cost? D. And the total revenue? E. Finally, what's the profit? E If the price was $20: Time left 3:15:56 7:32 PM 3/21/2023 6 72 F Search Sunny 144 esc ? O # $ 5 6E. Finally, what's the profit? F. If the price was $20: O (i) What would the optimal quantity be? units + (ii) Would this lead to a * in the short run. How much would it be? $ (iii) Would you continue to produce this item in the short-run? = [Hint: Consider the condition for shut-down] Finish attempt .. Previous page Quiz navigation 1 2 3 4 5 6 7 8 9 10 7:33 PM Time left 3:15:16 Finish attempt ... 3/21/2023 2 6 O Search 72-F Sunny hp 19 144 + % # 3 4 5 P