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I need answers for number 2 and 3 questions, 2. A firm sells its product in a perfectly competitive market where other firms charge a

I need answers for number 2 and 3 questions,image text in transcribed

2. A firm sells its product in a perfectly competitive market where other firms charge a price of $90 per unit. The firm's total costs are C(Q) = 50 + 100 + 202. (LO3) a. How much output should the firm produce in the short run? b. What price should the firm charge in the short run? c. What are the firm's short-run profits? d. What adjustments should be anticipated in the long run? 3. The following graph summarizes the demand and costs for a firm that operates in a monopolistically competitive market. (LO], LO3, LO5) a. What is the firm's optimal output? b. What is the firm's optimal price? c. What are the firm's maximum profits? d. What adjustments should the manager be anticipating? $220 210 MC 200 190- 180 170 160 150 - 140 - 130 - 120 ATC 110 100 90 80

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