Market competition In a candy market, firm "Venus" is one of the major suppliers. The demand for its product is given 100 2P, where Q is the quantity demanded and P is the price that it sets. The cost of producing the candy is given by C(Q) = 50+20+ Q². by Q 1 H a) What price should the firm charge for its product? How much profit would it carn? b) Assume a sudden increase in the number of competitors in the market, which results in a long- run perfect competition.
