Hi there,

I am wondering what the formulas are for finding the following data,

How much output should a firm produce in the short run?

What price should the firm charge in the short run?

what is the firms short run profit?

If all the firms are identical what would be the price of the product as the market adjusts to long run equilibrium?

What will be the output produced by this firm when the marker reaches the long run equilibrium?

Total cost is = 50+10Q +.05Q^2

MC= 10 + Q

and the firm charges $70 a unit

The SRMC=LRMC=MC