Problem #2 Suppose you are a manager of a perfectly competitive firm. The price in your market is 542. Your total cost curve is: TC=10+2q+G.5q2. 1. What level of output should you produce? 2. What price should you charge in the shortrun? 3. Will you make any profits? If so how much? 4. What adjustments should be anticipated in the long run? Suppose your long run cost curve was given by: TC=12{}q2Ot]2+q3 5. What will be your price in the long run? 6. What will be your profits