Discussion Post
Consider a competitive firm whose cost is given by
C = 4 + 4Q + Q2, and its inverse demand function is given by P = 9 - Q/4.
The product sells at $30 per unit.
• Find the optimal price and quantity of output in the short run.
• What long-run adjustments should you expect? Explain.
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.