chel 14/16 answered A perfectly competitive market, the following is the cost functions for a firm. TR= P*Q TC =500+ 2Q +0.102 MC =2+0.2Q The current market price is $20. Q8 What is the profit or loss for this firm in the current market conditions? Type your numeric answer and submit Unanswered Q9 Now suppose the market price falls to $14. In this short run decision making, what should the firm do? Hint: Do the same math steps you did in Q8 first. H . = BiA XX QE