I, Rachel 1/16 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 09 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 X X QE