1) A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm's total costs are C(Q)=40+8Q+ 2Q^2. 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 for the firm's short-run profits? d) What adjustments should be anticipated in the long run? 2) You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q = 20 - 2P and C(Q) = 104 - 14Q + Q^2. a) Find the inverse demand function for your firm's product. b) Determine the profit-maximizing price and level of production. c) Calculate your firm's maximum profits. d) What long-run adjustments should you expect? Explain. 3) A monopolist's inverse demand function is P = 100 - Q. The Company produces output at two facilities in Macoya and Chaguanas, Trinidad. The marginal cost of producing at Macoya is MC1 (Q1 ) = 4Q1 and the marginal cost of producing at Chaguanas is MC2 (Q2 ) = 2Q2. a) Provide the equation for the monopolist's marginal revenue function. b) Determine the profit-maximizing level of output for each facility. c) Determine the profit-maximizing price