A price searching firm faces the following demand and cost, Business Economics

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A price searching firm faces the following demand and cost

A price searching firm faces the following demand and cost function:

Price = 100 − Quantity

TotalCost = 10Quantity + 10

a) What is the optimal price and quantity for this firm? To do this, first establish the firm's Marginal Revenue and Marginal Cost curves and then graph them (and the demand curve) on graph paper.

b) What is the firm's profit or loss?

c) What is the level of output and price if it were a perfectly competitive market? Show and explain this result.

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Business Economics: A price searching firm faces the following demand and cost

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