Perfectly competitive firm has short-run cost function: SRTC = q^2 +30q +400
Corresponding SRMC function is given by: SRMC = 2q+30
Q) If market price is $50, how much output will firm produce? (I know this is q = 10)
Q) Is $50 a long-run equilibrium price? Explain reasoning.
Q) Find the equation of this firm's short-run supply function