1. A firm sells its product in a perfectly competitive market where other firms charge a price of $75 per unit. The firm's total costs are C(Q) = 45 +15Q +3Q2 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? d. What adjustment should be anticipated in the long run? 2. You are the manager of a monopoly, and your demand and cost functions are given by P = 225 - 2Q and C(Q) = 1,100 + 3Q2, respectively. a. What price -quantity combination maximizes your firm's profits? b. Calculate the maximum profits. c. Is demand elastic, inelastic, or unit elastic at the profit maximizing price quantity combination? d. What price-quantity combination maximizes revenue? e. Calculate the maximum revenue