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1) Consider an average cost structure of AC = 1/Q + Q and a marginal cost structure of MC = 2Q. What is the economic

1) Consider an average cost structure of AC = 1/Q + Q and a marginal cost structure of MC = 2Q. What is the economic profit of a profit-maximizing firm in a competitive market if the price is $20?

2) Consider a total cost structure of TC = 30 + 5Q2 and a marginal cost structure of MC = 10Q. What is the economic profit of a profit-maximizing firm in a competitive market if the price is $350?

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