Assume that X is normally distributed with the average value of 120

A firm sells its product in a perfectly competitive market where other firms charge a price of $90 per unit. The firm’s total costs are C(Q) = 50 + 10Q + 2Q2.

a. How much output should the firm produce in the short run? b. What price should the firm charge in the short run? c. What are the firm’s short-run profits?

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