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Briefly discuss a strategy a firm operating in a perfectly competitive market must take to sustain...

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Economics

  1. Briefly discuss a strategy a firm operating in a perfectlycompetitive market must take to sustain its profitoutlook.                                                                                          
  2. A firm operating in a competitive market has the following costfunction C = 10 + 2Q2. The market demand is Q = 40 – 2Pand equilibrium price of output is $20.
  1. Calculate the output the firm must produce to maximize itsprofits.                       
  2. Find the price the firm must charge to maximizeprofits.                            

Answer & Explanation Solved by verified expert
4.0 Ratings (573 Votes)
a As profit maximising condition in perfect competitionis MRMC where MR is the marginal revenue and MC is    See Answer
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