You Are a Manager in a Perfectly Competitive Market

question 7

Essay

You are a manager in a perfectly competitive market.The price in your market is $35.Your total cost curve is C(Q)= 10 + 2Q + .5Q².
a.What level of output should you produce in the short run?
b.What price should you charge in the short run?
c.Will you make any profits in the short run?
d.What will happen in the long run?
e.How would your answer change if your costs were C(Q)= 80 + 5Q + 30Q²?

---

Definitions:

Valence Bond Theory

A theory that explains how electrons are shared between atoms to form chemical bonds, focusing on the concept of hybridization of atomic orbitals.

Orbitals

Mathematical functions describing the regions around an atom where electrons are most likely to be found.

Electrons

Subatomic particles with a negative electric charge, found in all atoms, responsible for chemical bonding and carrying electric current in conductors.

P Orbitals

P orbitals refer to the dumbbell-shaped orbitals in an atom, oriented orthogonally across three dimensions, and are capable of holding up to six electrons in three pairs.