Question Consider the following cost information for a firm that operates in a perfectly competitive market.

Q (quantity of output) Total cost ($)

0 12

2 28

4 38

6 52

8 70

10 92

12 120

(1)Suppose that the market price is $9.Find the quantity of output that the firm should produce in the short run.

(2)Suppose that the market price drops from $9 to $7.Find the quantity of output that the firm should produce in the short run.