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Question 5 (10 Marks) You are the manager and selling your product in a perfectly competitive firm market. Your firm and other firms sell the

Question 5 (10 Marks)

You are the manager and selling your product in a perfectly competitive firm market. Your firm and other firms sell the product at a price of RM 90. Your cost function is C(Q) = 50 + 10Q + 2 Q2.

  1. What level of output should you choose to maximize profits?
  2. What are your firm's short run profits?
  3. What will happen in your market in the long run? Explain.

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